Oil, gas discoveries central to 2030 Vision
04 October 2013, 16:17
Nairobi - The Ministry of Planning and Devolution believes the oil and gas discoveries will be the key pillars to steer the country towards attaining the middle-income status by 2030.
The ministry has placed the discoveries at the core of its Medium Term Plan (MTP) that runs from 2013 to 2017 in line with that vision.
The MTP stated that even though little has been done so far towards exploitation of oil and gas, the resources remained the main economic drivers that will steer the country towards the desired double-digit economic growth when exploitation commences.
The availing of the second MTP comes at a time when the first MTP failed to attain the double-digit economic growth that had been set for the year (2008-2012).
The country instead attained a 4.6 percent economic growth, which was 5.4 below the set target.
While launching the Vision 2030 in 2007, six sectors were earmarked as the economic drivers that were to steer the country achieve maximum economic growth and these include trade, tourism, agriculture, information and communication technology, manufacturing and financial services.
To enhance the attainment of the vision, the second MTP has encompassed oil and other mineral resources that the government intends to exploit.
Currently a framework governing the exploitation is in the offing.
However, concerns have been raised over certain backward legal policies that threaten to slow down the exploitation process.
“Failure to institute a framework outlining revenue sharing model might result in the resource rich areas being thrown into conflicts,” read a statement from stakeholders.
– CAJ News