…. List Short and Medium Term Economic and Development Priorities
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The Yahaya Bello administration’s renewed vision to address the development challenges of the state is timely, addressing the inclusive growth challenges in the state in the face of obvious budgetary constraints in addition to emerging developments such as the post-pandemic world and the oil price shock induced by the Russian invasion of Ukraine. These issues continue to constrain fiscal space and magnify vulnerabilities.
Consequently, monthly statutory allocation to the State from the Federation Account remains low even with high oil prices occasioned by the Russian invasion of Ukraine.
In the absence of stable domestic crude oil production, this impact is likely to persist over the short to medium term.
The report is predicated on an in-depth assessment and the prevailing domestic and global economic conditions.
The Kogi State Economic Advisory Council (KoSEAC) is of the view that the administration’s goal of promoting sustained inclusive growth and development is achievable.
Thus, the contemporaneous development policy strategies herein proposed by KoSEAC to support the Governor’s aspiration is centered on six (6) pillars namely:
Leveraging on finance and investment policies to strengthen the state’s capacity to absorb shocks whilst streamlining the cost of governance and creating an enabling environment for businesses to strive.
Create a viable platform that can stimulate private financing such as the establishment of a Kogi Investment & Development Fund (KIDF).
Rethinking Agriculture, Mineral Resources, and Renewable Energy to diversify the productive capacity of the state’s value chains to take advantage of emerging opportunities such as the Africa Continental Free Trade Area Agreement (AfCFTA).
In addition, to take advantage of the growing renewable energy sector to provide clean, reliable and sustainable power to primary, secondary and tertiary institutions which will in turn support the FGN’s commitment (made by His Excellency, President Muhammadu Buhari during the 2021 United Nations Climate Change Conference) to reduce carbon emissions to net-zero by 2060.
Embarking on Education, Information, Communication and Technology and innovation reforms such as rapid digitization, creation of technology hubs and entrepreneurship centers that can support the industrial development of the state in a sustainable and gender-responsive manner.
Developing an Innovative Approach to Sustainable Economic Growth and Development that can promote inclusiveness by reducing vulnerability, poverty and inequality and create wealth and job opportunities through MSMEs aggregation centers and agro-processing across the three senatorial zones.
Preparing a solid foundation for Social and Infrastructure Development through realistic Public-Private Partnerships (PPPs) that can engender efficient service delivery, reduce infrastructure gaps and entrench private sector-driven development. There is urgent need to scale-up the Kogi State Social Investment Program (KSIP).
Ensure Fiscal Sustainability by promoting transparency and accountability in managing fiscal resources and most importantly, improving the quality of spending with less emphasis on the quantity of spending.
It is critical to tie state public procurement to local content. Reduce the size and cost of government to free up resources for priority spending in health, education, and human capital development.
The Short and Medium Term Economic and Development Priorities Report emphasizes the principle of shared responsibility between stakeholders such as the three (3) tiers of government, private sector, traditional institutions, civil society organizations as well as domestic and international development partners amongst others.
The State Economic Management Team/Council comprising of key MDAs shall be the overarching body for anchoring collaborative efforts across State MDAs and non-state actors.
The Kogi state Economic Management Team shall provide oversight for the implementation of the short term economic and development priorities in a coherent, consistent and efficient manner…. Continue reading