Shared Prosperity: Strategic Growth And Wealth Redistribution Policy Of Uzodimma’s Administration 

Malaysia has Shared Prosperity Vision 2030 – a government blueprint released in 2020 by the Government of Malaysia for the period of 2021 to 2030 to increase the incomes of all ethnic groups, particularly the lower income group.

Equally, when the Americans talk about ‘American Dream,’ it is a vision of shared prosperity anchored in equal opportunities and shared growth.

Shared Prosperity policy is morally imperative, economically appropriate and socially equitable. Indeed, that is what initiatives like the Sustainable Development Goals and Millennium Development Goals have been trying to achieve.

There are many pathways to shared prosperity but they often complement one another.

For children and youth, this would mean providing unfettered access to early childhood development, health, nutrition, education and basic infrastructure, while for women,  it would mean dismantling barriers to their participation in economic, social and political life.

Prosperity can be broad-based if growth generates jobs and economic opportunities for all segments of the population. Although, the private sector is typically the main driver of the economy yet the government plays a critical role by implementing policies and regulations that promote a favourable environment to maintain high investment rate, especially by investing in labour skills needed to build a modern and dynamic workforce.

According to the World Bank: ” Shared prosperity captures two key elements, economic growth and equity, and it will seek to promote income growth among the bottom 40 percent of a country’s population.

“However, without sustained economic growth, poor people are unlikely to increase their living standard but growth is not enough by itself as improvement in the Shared Prosperity Indicator requires growth to be inclusive of the less well- off.”

As Jemila Abdulai sees it: “A successful economy depends on shared growth or prosperity, which takes in every sector of its people.”

According to Abdulai:”Shared prosperity focuses on development that is both sustainable over time because it is inclusive — representative of a population.

 “It is the use of resources to the benefit of the majority and taking into consideration the needs of many.”

The assumption that a growing Gross Domestic Product (GDP) will trickle down to the poor is not always true.

In fact, no country has moved from middle to high-income status with high level of inequality as it limits income growth of the underprivileged and eventually, economic growth itself.

Nonetheless, shared prosperity does not imply reducing inequality by redistributing wealth, rather it focuses on improving, as quickly as possible, the welfare of the masses and boosting the income of the bottom 40 percent of the population.

Pursuant to the Shared Prosperity policy of his administration, Governor Uzodimma, in December 2022 introduced the Skillup Imo project, specially designed to provide free training and support for Imo people, particularly the youths, in new and economically viable skills needed for one to be productively employed or self-employed.

According to the Commissioner for Digital Economy and E-Government in Imo State, Dr. Chimezie Amadi: “The SkillUpImo project is all about creating content that can be marketed using digital tools that the public is able to embrace, consume and pay for and the  broader objectives, of the  Project are to train 300,000 Imolites over the next three years, with 100,000 trained each year; connect 60 per cent of the graduands to high-paying jobs as well as empowering 40 per cent of the graduands to be their own bosses, becoming tech entrepreneurs and launching their own companies, among others.

“As the training of the first batch of 100,000 youths progresses in 2023 under the Skillup Imo Project, the sub-initiative, SkillUp Imo Challenge has been created to sustain the interest of the youth and boost excitement in the digital skill acquisition programme.”

On the other hand, Governor Uzodimma has magnanimously ordered an end to the deduction of taxes from salaries of low-income earners in Imo State.

Such demonstration of love, compassion and understanding of the plight of the masses is commendable as it will enhance the purchasing power of the beneficiaries and foster an increase in their standard of living.  Meanwhile, basic principles of economics support such directive given the multiplier effect on the economy of the state.

The tax waiver and relief package for low-income earners that constitute over 70% of verified Imo workers, will no doubt boost their morale  and restore their dignity.

Interestingly, Governor Uzodimma has ensured that Imo people continue to benefit from various federal government initiatives like ” Nigeria Cares,” designed to cushion the effects of prevailing harsh economic realities.

According to Uzodimma; ” I will never regret any development made to secure the future of Imo State.”

 In that regard, N1.66 billion naira indebtedness to Asset Management Corporation of Nigeria, AMCON, had been paid and Imo Standard Shoe Factory, recovered with all the attendant benefits of Shared Prosperity in terms of employment opportunities, skill acquisition and earning of income apart from  revenue generation for the government.

In addition, the Uzodimma administration is linking Cooperative societies to multilateral finance providers, improving healthcare delivery through the Ministry of Health thus minimizing the impact of COVID-19

and ensuring the availability of healthcare providers with reopening of nursing schools in Imo State, revalidation of Imo State University Teaching Hospital (IMSUTH) accreditation and expending of over N10 billion on training of more than 25,000 Imo youths.

Gov. Uzodimma is equally rehabilitating moribund industries in the State, including rubber industrIes in Obiti, Ohaji; Umuekune in Ngor Okpala and Emeabiam in  Owerri West, even as he is discussing with serious investors through Imo Investment Council regarding the moribund industries.

It is noteworthy that Imo State, now has an industrial policy, Digital economic blueprint and Ministry of Digital Economy to accelerate rapid economic growth and Shared Prosperity.

Imo House of Assembly (IMHA) Complex, which was in a terrible state of dilapidation and abandonment has been renovated and now ranks as one of the best in the country

Provision of brand new cars to judges, payment of the arrears of pension and gratuities owed judges, provision of 35 vehicles for some prominent traditional rulers, particularly, the leaders of Imo Council of Traditional Rulers, provision of vehicles to permanent secretaries and 30 buses for the Civil Service Mass Transit, sponsoring of Imo State citizens endowed with exceptional academic brilliance, payment of 13-month salary to civil servants and teachers etc, also constitute shared prosperity accomplishments of the Uzodimma administration.

I commend Gov. Uzodimma for keeping faith with his  inaugural proclamation, which states that: “My government shall be a faithful covenant between the people and the government. I shall execute, with utmost diligence and fidelity, the five cardinal programmes of my administration anchored on the three Rs of Reconstruction, Rehabilitation and Recovery, to ensure prosperity for every one.”

God bless Imo State!

– Prince Ben AHANONU is Special Adviser to the Governor on CSDP.