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In 2023 manifesto, Peter Obi plans apprenticeship system, exchange rate liberalization

  • Business

Peter Obi

The Labour Party presidential candidate, Peter Obi, on Saturday released his economic plans for Nigerians with a focus on running a production-centered economy driven by an agrarian revolution and export-oriented industrialization.

In the 72-page document titled: “Our Pact with Nigerians: Creating a New Nigeria,” the former Anambra State governor proffered various solutions including programmes for re-skilling youths to achieve greater synergy in the Science, Technology, Engineering, and Mathematics (STEM) field for the nation’s economy.

Obi also planned to create a venture capital-like fund for young entrepreneurs.

He is also targeting an apprenticeship system to provide technical expertise in relevant areas.

This is similar to the system adopted by the Igbos entrepreneurial model where an entrepreneur takes an apprentice and teaches the individual the rudiments of a particular trade for an agreed period.

The document read: “To ensure that the country’s economic production is equitably geared towards the net-zero emissions drive, we shall re-design incentives for present and prospective investors in the industrial sector, coupled with an apprenticeship system, to provide a ready-made source of technical expertise in the relevant areas.

“We will strive towards a zero-based national budget to overcome the mindset and reality of past non-performing national budgets that are routinely hampered by budgetary deficit overhang.

“We will pursue an aggressive technology-driven public sector financial management system anchored on a reformed, well-trained, and motivated civil service.”

Another area of interest for the LP candidate is the current exchange rate management.

“Exchange rate stability has also become a mirage, as foreign exchange can only be accessed at the artificial official exchange rate by a handful of privileged persons and businesses, whilst the generality of Nigerians can only access forex via a parallel market in which the US Dollar now attracts a 75- 80% premium over the official rate.

“The multiple exchange rate regime that is in place, therefore, presents a huge arbitrage opportunity for a few privileged persons,” it added.

Source: Ripples Nigeria

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