Okowanomics Fact Sheet No. 12, January 2023
1.0 INTRODUCTION
Okowanomics Fact Sheet Series is a semi-monthly [twice-a-month] bulletin of evidence-based “Fact Sheet” showing Governor Okowa’s spectacular achievements of job and wealth creation, development of infrastructure, urban renewal, transformation of education and health systems, peace and security, social harmony and overall economic development. The Series is a journal of Governor Okowa’s legacies and footprints in the geopolitical entity of Delta State. It is a tracker dashboard that mirrors the unique developmental strides in Delta State under the leadership of Governor Okowa.
The Fact Sheets are developed and published by Delta State Job & Wealth Creation Bureau, using verified information and data from the relevant Ministries, Departments and Agencies (MDAs).
2.0 THE CONCEPT OF OKOWANOMICS
Okowanonics is the brand identity representing the gamut of Governor Okowa’s political shrewdness, developmental philosophy and governance ideology defined by his people-centred policies, mission-oriented approach, economic prudence and social intelligence. Underlying Okowanomics is Governor Okowa’s exceptional assortment of personality and character virtues notably critical thinking, clear foresight, sound planning, clever coordination, effective execution, humility, self-discipline, people-skills and executive intelligence. These sterling
qualities and attributes are manifest in the excellent leadership and exemplary governance of Delta State from 29th of May 2015 to date.
3.0 TOPIC OF 12th EDITION
Okowanomics Fact Sheet No. 12 presents facts and figures which demonstrate the process of economic transformation and sustainable prosperity of Delta State. The purpose is to show evidence that Governor Okowa’s economic development policies and programmes are bringing about economic transformation, inclusive growth and sustainable prosperity in Delta State.
4.0 CONCEPT OF ECONOMIC TRANSFORMATION
Economic transformation refers to positive and desired structural changes in the production and consumption of goods and services. An economy is said to be transforming if there is progressive shift along the lines of economic growth, economic prosperity and sustainable development. Conceptually, economic transformation is a long-term continuously evolving process. The key arenas for assessing economic transformation include sector composition of the economy, growth rate of the economy, size of the economy, unemployment situation, poverty incidence and outlook of the private sector.
5.0 FURTHER EVIDENCE OF ECONOMIC
TRANSFORMATION AND PROSPERITY
I. Growing importance of Asaba as a Nollywood hub and the catalyzing impact of the Film Village & Leisure Park at Ugbolu.
II. Leveraging SPORTS for tourism, services boom, business development and job creation.
III. The high ratings and achievement awards in human capital development, job creation, roads a private capital, international development finance agencies and bilateral relations with development partners
6.0 DRIVERS OF THE ECONOMIC TRANSFORMATION OF DELTA STATE: THE OKOWANOMICS PHENOMENON
The economic transformation of Delta State since 2015 is driven by a virtuous combination of the economic ideology, political philosophy and leadership effectiveness encapsulated in Okowanomics, as follows:
I. Strategic planning and development roadmap.
II. Rational prioritization of policies and programmes to people-centred public service delivery.
III. Fiscal discipline and prudent public expenditure.
IV. Enthronement and sustenance of peace and security through proactive multilevel strategies of peace building and conflict resolution.
V. Well-coordinated closely monitored execution of programmes and projects
VI. Significant development of key economic infrastructure [roads and transport, markets, urban facilities] which has enhanced the ease of doing business and boosted the state’s economy.
VII. Boost of private sector through the promotion and development of micro, small and medium enterprises [MSMEs], skills training, retraining and support for startups, enhanced government demand for private sector in public works, goods and services.
