Sustaining Innovative Policies-Dr. Martin Oluba

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The presentation is from Dr. Martin Oluba, PhD, Chief Executive Officer, ValueFronteira Limited, from the just concluded African Round Table & Conference on Corporate Sustainability and Responsibility (AR-CSR™), which held in Tinapa Business Resort, Calabar, Cross River State between 20 to 21 June, 2013. Organised by ThistlePraxis Consulting Limited

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Sustaining Innovative Policies-Dr. Martin Oluba

  1. 1. Sustaining Innovative Economic Policies Martin Oluba, Ph.D, DBA President/CEO ValueFronteira Limited 42 Olowu Street, Ikeja Lagos martin@valuefronteira.com
  2. 2. We are Uniquely Different So are the Socio-economic Realities 27/06/2013 Sustaining Innovative Economic Policies 2
  3. 3. So, is What is Good for the Goose …?? • Source of the challenge: – Implicit assumption that policy efficacy in the Western world means pass for potential efficacy in Africa; – The re-echoing of Western rhetorics which frustrates inward inquiry and resource deployment to discovering ours; – Policy failure (or sub-optimization) due to wrong adaptation and differences in contextual realities • Overcoming the challenge: – A disciplined approach to policy development based on deeper appreciation of our own socio-economic realities; – Our main socio-economic realities comprise acute poverty, corruption and weak rule of law 27/06/2013 Sustaining Innovative Economic Policies 3
  4. 4. This Paper: Emphasizes the Economic Leg of Sustainability • The three legs of sustainability: economic, social, environmental; • The focus of the paper is on how the economic leg can be in sync with the others; • Focus has hitherto been on development and growth to the detriment of the other two. 27/06/2013 Sustaining Innovative Economic Policies 4
  5. 5. We Want Economic Policies that are Consistent with Our Reality Reduces Poverty & Promotes Prosperity Fosters Strong Socio-economic Justice Enthrones the Rule of Law • Promotes entrepreneurship • Encourages the rapid and sustained emergence of the middle class • Encourages the enhancement of income, health and literacy • One with strong socio- economic justice. • Not based on sympathy for deprivation but out of the need to recover what rightly belongs to a group but was stolen through corruption • One with very robust rule of law that protects all. It is the rule of law that legitimizes and gives strength to our own brand of innovative economic policies 27/06/2013 Sustaining Innovative Economic Policies 5
  6. 6. What Process will Deliver this Policy Reality on a Sustained Basis? Contextualization [Conceptually Sound & Contextually Relevant] AnalyticalValidity [Strong data based evidence of validity] PolicyFunding [Adequate funding of initiative] 6-sigma Implementation [Implementation as designed] Learning&Growth [Monitoring, evaluation and fine-tuning] 27/06/2013 Sustaining Innovative Economic Policies 6
  7. 7. “Sustaining” versus “Innovative Policy” Frontiers Markets Equity Inclusion 1. Contextualization Is policy designed to promote healthy competition? Is the policy designed to operate based on equitable participation by stakeholders? Does the design ensure total inclusion of all relevant stakeholders? 2. Analytical Validity Is the policy promoting healthy competition based on data evidence on size, complexity etc? Has the policy taken adequate note of the magnitude of potential marginalization? Is there sufficient data evidence that the policy incorporates all stakeholders? 3. Policy Funding Is the policy for promoting healthy competition adequately funded? Is the policy such that it will have “level-playing- ground” effect on all stakeholders? Are all parties included to benefit from the policy effects of adequate funding? 4. 6-Sigma Implementation Can we guarantee “as- designed” implementation of policy for healthy rivalry? Can the constitution sufficiently defend socio-economic equity in on this policy? Has the implementation maximally included all persons? 5. Learning and Growth What have we learnt in the entire process of delivering the policy for competitive prosperity? What have we learnt that can enable us improve on the socio- economic justice required for policy success? What lessons have we learnt that will enable us improve on inclusiveness? SustainingFrontier Innovative Policy Frontier [Conceptually Sound & Contextually Relevant] [Strong data based evidence of validity] [Implementation as designed] [Adequate funding of initiative] [Monitoring, evaluation and fine-tuning] 27/06/2013 Sustaining Innovative Economic Policies 7
  8. 8. Sound Macroeconomic Policies Economic Policy Innovation Promotes Competitive Process Promotes Inclusive Process Policy Analytics 6-Sigma Implementation Learning & Growth Sound Monetary Policies Rule of Law that sustains socio- economic Justice Relevant to Our Economic Reality Sound Fiscal Polices Limited Government Policy Sustainability Putting it all Together 27/06/2013 Sustaining Innovative Economic Policies 8
  9. 9. Policy Relevance versus Policy Analytics • The broad policy direction which are relevant and consistent with our aspirations are well known; – The specific details that will make the implementation well targeted and to deliver expected results is the missing link; – They must be discovered through conscious research and analytical processes; • Generating reliable and relevant data is one level of the challenge, but utilizing these data to come up with the policies is another; • A culture of policy design based on knowledge discovery in databases will strengthen sustainability.27/06/2013 Sustaining Innovative Economic Policies 9
  10. 10. What Kind of Rule of Law? • The law does not support what we want to see on ground and that makes it largely untrustworthy for sustaining economic policies; • The law defines the level playing ground and the boundary within which economic policies can operate; • Borrowed laws or laws not substantially crafted based on our own realities or even the absence of meaningful laws on serious issues necessary for socio-economic justice will on its own be unsustainable and will continue create unsustainable policies. 27/06/2013 Sustaining Innovative Economic Policies 10
  11. 11. Going Forward: The Mechanism for Change • Cross-sectoral partnerships • Coordinating sustainable development across government • Craft a governance system that minimizes the socio-economic and environmental challenges 27/06/2013 Sustaining Innovative Economic Policies 11
  12. 12. 27/06/2013 Sustaining Innovative Economic Policies 12

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