By LAZARUS IBEABUCHI
Delta State Government has created an economic development and performance measuring mechanism which will assess quarterly, various ministries, directorates and agencies, MDAs, in the state.
Speaking at a press conference, Mr. Bismarck Rewane, chairman of the state’s Economic Advisory Team, EAT, said the Economic Dashboard is a self-evaluation process which will help to increase the level of transparency and accountability in corporate governance as well as open the gateway for citizens and investors to easily assess economic development in the state.
According to him, the Economic Dashboard, developed by a firm in Germany and used in various developed countries, is an automated software that measures the MDAs’ progress, revealing the performing and non- performing sectors, thereby giving the government a continual process of evaluating itself. It will also help to strategise, plan and execute its set objectives for a better performance.
He said, "Currently, there is inadequate accountability in public governance. As a result, stakeholders in the private sector are partnering with the state government to launch an Economic Dashboard. The Economic Dashboard provides a summary of the key macroeconomic indices as well as current state of the sectors with direct impact on economic development.
"The Federal Government and various state governments run on deficit budget. This means our annual budget is financed through external sources. Many states are using bonds to finance infrastructure development. As such, the Economic Dashboard, which is private sector-driven, is in furtherance of good corporate governance which is in short supply in the country. It will help assess the extent that the state is optimally utilising its scarce resources."
Dr. Ndidi Edozien, CEO, Strategic and Execution Consulting added that the peer review mechanism is a framework created by the state government to open up wider opportunities for the private sector to participate in developing the state.
She said the Economic Dashboard will provide data for the economic team to measure progress and contribute in meaningful development that is public and private sector-driven.
Commenting on the outcome of the meeting of EAT attended by Governor Emmanuel Uduaghan and other stakeholders in Lagos, Mr. Rewane said the state is set to revive all the moribund industries and also develop its agricultural sector, with a view to generating more revenue and employment.
"At the meeting, we noted that there is major constraint between real Gross Domestic Product, GDP, which is about seven per cent and, potential GDP standing at about 22 per cent in the country. In order to improve the standard of living of citizens, the governor gave an assurance that within 90 days, all the dormant industries in the state will be reviewed and reactivated.
