Creative Economic Policy
The Party shall restore the credibility of the economy not by repeating the dogma of IMF and World Bank but ensuring a consistent and creative policy measures aimed at genuine reform and transformation of the economy. The Government would be careful in its handling of pressures from the IMF over policy measures of economic stabilization and adjustment. The corollary is that the international community should assist Nigeria to sensitively address its reconstruction needs in a manner that does not put the gains of democratic installation in jeopardy.
The Labour Party Government shall question the billions debt buy-back by seeking to ascertain first, the actual debts that had been owed as against fictions and overcapitalized debts. The Labour Party shall ask that our country’s creditors pay back the balance of the paid up debts that we consider fictitious, or questionable, while studiously avoiding taking any new loans the party shall continue to press the case for debts relief and debt cancellation.
The Party shall ensure a general review of the country’s tariff structure in order to encourage local industries and agricultural production. In this regard, the Government in concert with other countries in similar circumstances would insists on a World Trade Organization (WTO) tariff regime that is more attuned to national needs and priories.
The Party shall enthrone a culture of maintenance in the country’s public investment programme especially with regards to essential infrastructure in the transportation, power and energy and telecommunications sectors.
The Party shall ensure economic considerations play a key role in the formulation of Nigeria’s foreign policy.
The party shall put her economic house in order and increase public expenditure in such key sectors as human capital development, health, education, agriculture and physical infrastructure. The private sector shall be encouraged to complement the efforts of the public sector in this regard
Nigerians in Diaspora
The Party shall mobilize Nigerians in Diaspora to join the development efforts at home.
The Party shall create the enabling environment and take necessary steps to ensure that their interests are adequately protected.