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.
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.
Progress of Economic Transformation Since 2015
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
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.