7th Key Element of The 7 Point Agenda - Wealth Creation

7. Wealth Creation

One of the main objectives of the 7-Point Agenda is the alleviation of poverty through wealth creation. This will be achieved by creating an enabling environment for economic growth and increase in the disposable income of individual citizens. The government will focus on areas such as skill development for improved productivity and wealth creation. It will also facilitate access to credit for both small to medium sized businesses and entrepreneurs.

Poverty has been increasing at a significant rate since independence in 1960. The specific areas for government intervention to enable the environment for wealth creation under the 7-point Agenda are as follows:


· Leadership and Governance: Government will create the environment needed for the private sector to drive wealth creation. The institutionalization of leadership and good governance is a prerequisite for an environment that allows for wealth creation.

· Skills development for productivity: Government will concentrate on giving functional vocational training to job seekers and encourage the retraining of the existing labor force to meet industry demands. The course offerings in our universities, polytechnics and technical colleges will need to be re-oriented to current needs of industries.

· Promoting a ‘Formalized Self Employment’ Sector: Artisans, farmers, market women, traders and proprietors of small and medium-scale enterprises (SMEs) will be helped to formalize their businesses and to acquire entrepreneurial skills.

· Facilitating Access to Credit: the entrepreneurial spirit of the poor would be significantly enhanced through the provision of financing schemes in the form of micro credit. Formalization of informal businesses and land reform system are key to access credit by the poor.

· Non-governmental organizations (NGOs): can facilitate wealth creation through their capacity-building programs. Government will partner with NGOs and religious groups to execute wealth creation strategies that focus on the empowerment of the poor through capacity-building initiatives.

· Nigerians in Diaspora: government will involve Nigerians in the Diaspora in promoting wealth creation through the funding of specific projects of their choice (directly or through the capital market) or the provision of technical and managerial skills which they possess in abundance.

· Training: Massive retraining of graduates to accelerate the production of health workers, teachers and IT specialists.