Former Governor Of Anambra State and the Vice Presidential Candidate of the Peoples Democratic Party, PDP in the 2019 elections, His Excellency, Mr Peter Obi has proposed what he described as a pathway to national economic recovery that is capable of lifting millions of Nigerians out of poverty.
Mr Obi made this known when he spoke on AIT on Thursday where he explained that every struggling economy like Nigeria did a conscious investment in education, health and MSMEs(Micro, Small and Medium Enterprises) to pull its citizens out of poverty. He also pointed out that many countries have taken this method to move their economies forward.
Obi said: “Between years 2000 – 2015, China pulled 439 million people out of poverty, while between years 2016 – 2018, India pulled over 170 million people out of poverty.”
He, therefore, called on the Federal Government to follow the same development models used by the above countries, to rise above poverty, which included investment in education, health and MSMEs.
Obi condemned the level of under-funding in the MSME sector, saying that, at least “1 billion US Dollars should be thrown into the sector to boost it”. He said that the N50 billion set aside by the Federal Government, through the Central Bank of Nigeria, as a stimulus package to MSMEs, was clearly not enough.
Speaking further, the former Anambra State Governor said there were around 30 million MSMEs in the country and if they were ‘aggressively’ funded, there would be rapid jobs creation, all-round increase in national productivity and a resultant increase in national Gross Domestic Product (GDP).
Obi also recommended the funding of MSMEs as a way of curbing the growing income inequality among Nigerians.