PDP Promises Single Digit Lending, Local Content Boost
The Peoples Democratic Party has said its blueprint for economic recovery includes pursuing deliberate policies that will guarantee single-digit commercial lending rate across all productive sectors, immediately it is re-elected into office in 2019.
The party added that its economic blueprint would make a turnaround of the prevailing double-digit rate permitted by the All Progressives Congress.
The National Publicity Secretary of the former ruling party, Mr. Kola Ologbondiyan, who stated this when a delegation from a coalition of small and medium enterprise owners paid him a visit in his office in Abuja, on Saturday, disclosed that the party planned to push policies that would engender increased local content in all critical sectors.
The party’s spokesman said the initiative was aimed at providing the much-needed interventions in key sectors including power, agriculture, manufacturing, construction, real estate, transport, solid mineral mining, oil and gas, education, retailing, among others, without which the economy would not rebound.
According to Ologbondiyan, there is no way economic activities can rebound unless Nigerians are put back to work.
He alleged that over 20 million Nigerians had been put out of job by the APC while many more were underemployed.
He said, “Families are under stress and citizens have been subjected to abject poverty by the Buhari administration. Our recovery plan involves a concerted effort to reopen the market and encourage an economic environment that will grant our investors and entrepreneurs affordable credit facilities to favourably compete and thrive.
“Our blueprint includes the formulation and implementation of policies that will guarantee single-digit commercial lending rates as well as increased local content in all critical sectors.
“These will be targeted at boosting economic activities, revamping our industries and reopening the space for massive investment and employment opportunities for millions of Nigerians across all sectors.
“This will involve an immediate review of all tight monetary policies of the APC, including obnoxious foreign exchange and import regulations, multiple taxation, exorbitant tariffs on essential services, particularly in power and communication, as well as other unnecessary economic bottlenecks that are currently stifling small-scale entrepreneurship, industrial activities and general economic growth.”
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