As I predicted, the US and other industrial economies are embarking on an unprecedented post-coronavirus spending spree on a par with war reconstruction. Nigeria needs to announce similar plans

Ayo Akinfe

[1] President Joe Biden is about to embark on a $2.3trn spending spree in what is being dubbed as the modern equivalent of Franklin Roosevelt’s New Deal. It is designed to create millions of jobs, rebuild national infrastructure and position the US to out-compete China

[2] Many of the challenges the world currently faces, including climate change, poverty, ageing transport links and crumbling real estate, require big solutions. Voters are no longer as frightened by high price tags as they were say 10 years ago. As a result, the gloves are coming off big time. Worldwide, treasury doors are being flung open

[3] For instance, President Biden’s ambitious plan will involve supporting manufacturing and ensuring that goods and materials are made in America and shipped on US-flag, US-crewed vessels to international markets

[4] In the UK Prime Minister Boris Johnson is looking to spend something like £50bn, most of it going on infrastructural upgrades. Road and rail will gulp the bulk of the investment, creating new jobs

[5] China has announced a $500bn stimulus package, which is overwhelmingly focused on infrastructure spending to create more jobs, as well as new loans and repayment deferrals for businesses

[6] India’s stimulus package is worth $266bn of which the single biggest component is a $13bn agriculture infrastructure fund

[7] Germany’s coronavirus stimulus package is worth €130bn (£116.4bn). It is a combined package of tax and spending measures designed to boost the country’s economic recovery

[8] Japan is not taking any prisoners either. Tokyo has unveiled a $708bn economic stimulus package, targeting investment in new growth areas such as green and digital innovation. Of this total, $384.54bn will be spent on direct fiscal spending and initiatives targeted at reducing carbon emissions and boosting adoption of digital technology

[9] In Paris the French have launched a historic €100bn stimulus plan which includes big spending on green energy and transport. Dubbed France re-launch, this plan is aimed at reversing rising unemployment and includes tax cuts for businesses

[10] With a population of 200m, the giant of Africa simply needs to be a part of this process. Basically, what we are witnessing is a once-in-a-lifetime reconstruction programme similar to what happened in Europe after World War Two. At the end of every war, you have a massive reconstruction plan. Make no mistake about it, coronavirus created as much damage as a global conflict. I await details of Nigeria’s reconstruction plans