The Peoples Democratic Party (PDP) has said its blueprint for economic recovery would include pursuing deliberate policies that would guarantee single-digit commercial lending rate across all productive sectors if given the mandate in 2019.
The party said its economic blueprint will make a turnaround of the prevailing double digit permitted by the All Progressives Congress (APC).
The PDP National Publicity Secretary, Kola Ologbondiyan, disclosed this when a delegation from a coalition of small and medium enterprise owners paid him a visit in Abuja on Sunday.
He also disclosed that the party planned to push policies that would engender increased local content in all critical sectors.
He explained that the initiative is targeted at providing the much needed interventions in the power sector, agriculture, manufacturing, construction, real estate, transport, solid mineral mining, oil and gas, among others.
“Over 20 million Nigerians have been put out of work by the APC and many more are under-employed. 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 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.
“Unlike the APC’s exclusionist style, the PDP will run an all-inclusive economic system that guarantees an open market operation and return a people-focused pricing regime. This was part of the policy thrust with which the PDP grew our economy to become one of the fastest growing in the world before the unfortunate incursion of the APC.
“Come 2019, the PDP will revamp our economy and put our citizens back to the path of prosperity,” he said.