Leadership (Abuja)
Golu Timothy
1 October 2008
President Umaru Musa Yar'Adua has stated that his administration would not employ short cuts in addressing the problems bedeviling the country, even as he declares that the nation's external reserves has hit $63 billion.
In an address to be broadcast nationwide this morning to mark the nation's 48th independence anniversary, the President affirms that this could only achieve sustained economic growth if peace and security are guaranteed. Yar'Adua insists that he is committed to making Nigeria one of the 20 biggest economies in the world by 2020.
"We are resolved as an administration not to resort to quick-fix methods and short-cuts in approaching fundamental problems, which require methodical and sustainable solutions, he says. "The review of key sectors of our national economy, which we have embarked upon so far, points to the wisdom of this approach."
He continues: "Fellow Nigerians, our economy is on a strong footing with an average growth rate of about 6.9%, a single-digit inflation rate, external reserves of about $63 billion, and the Naira appreciating steadily against the major currencies. This is a consequence of our policies aimed at maintaining relative stability and predictability in Nigeria's macro-economic environment."
He says his seven-point agenda was designed to address the multifarious problems militating against the polity in order to attain the Millennium Development Goals (MDGs) and realise the Vision 2020, stressing that only a sincere and focused leadership would achieve these objectives.
"We are under no illusion as to the complexity and magnitude of the task we have set for ourselves. We understand that sustained economic growth is only possible if peace, security and stability are assured," the president states. "We recognise that constructive engagement and productive partnership with all major stakeholders and our development partners are vital imperatives.
"We are aware that single-minded, people-focused, results-oriented, creative, sincere and courageous leadership is critical.
"Our appreciation of the enormity of our national transformation drives our steadfast pursuit of the ideals of democracy, good governance, free enterprise, and the rule of law."
Yar'Adua adds that the seven-point agenda is aimed at a structured approach to tackling the challenges, which the government must overcome "if we are to sustainably raise the living standards of Nigerians, achieve the MDGs and realise our Vision 20-2020".
The President reiterates the resolve of his administration to develop robust infrastructure, particularly in the energy, transport and agricultural sectors. According to him, the Federal Government has set machinery in motion to concession economically viable roads and rehabilitate and expand the moribund railway system. Reforms in the power sector have started yielding positive results, he observes.
"In our quest for practical solutions to our endemic energy problems, we have set in motion far-reaching reforms, which have started to yield some positive results.
"We have evolved a holistic strategy for the development and rehabilitation of the nation's transport system. We intend to concession the most economically viable roads across the country, while aggressively pursuing a road sector development and maintenance programme estimated to cover 5,700 km.
"With the railways, we plan to concession some existing routes including the Western and Eastern rail lines as well as the uncompleted Central line, while rehabilitating and expanding the existing rail system. Notably, the Infrastructure Concession Regulatory Commission is expected to commence work shortly.
"In the agricultural sector, we have resolutely pursued a policy of sustained support for small-scale farmers, and structured development of medium and large-scale agriculture. We intend to utilise the National Resources Development Account to boost domestic production of food crops and development of agro-allied industries. Our goal is assured food security.
"It is also a time to reflect on the critical elements of our commonality with the rest of the African continent, the African Diaspora, and humanity at large."
He expresses hope that the establishment of the Niger Delta Ministry would contribute immensely in resolving the perennial crisis in the region, stressing that this is a deliberate strategy to tackle head-on the challenges of physical development in the region.
"In order to properly focus our efforts at fashioning out a durable solution to the crisis in the Niger Delta region, we have sustained constructive engagement with the major stakeholders.
"More critically, we have set up a Niger Delta Ministry to anchor in a holistic manner, the execution of the Niger Delta Development Master Plan. We are confident that this is the way to go in meaningfully addressing the physical infrastructure and human capital development challenges which the region presents."
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