(a) harness
the resources of the nation and promote national prosperity and
an efficient, a dynamic and self-reliant economy;
(b) control
the national economy in such manner as to secure the maximum welfare,
freedom and happiness of every citizen on the basis of social justice
and equality of status and opportunity;
(c) without
prejudice to its right to operate or participate in areas of the
economy, other than the major sectors of the economy, manage and
operate the major sectors of the economy;
(d) without
prejudice to the right of any person to participate in areas of
the economy within the major sector of the economy, protect the
right of every citizen to engange in any economic actitivies outside
the major sectors of the economy.
(2) The State
shall direct its policy towards ensuring:
(a) the promotion
of a planned and balanced economic development;
(b) that the
material resources of the nation are harnessed and distributed as
best as possible to serve the common good;
(c) that the
economic system is not operated in such a manner as to permit the
concentration of wealth or the means of production and exchange
in the hands of few individuals or of a group; and
(d) that suitable
and adequate shelter, suitable and adequate food, reasonable national
minimum living wage, old age care and pensions, and unemployment,
sick benefits and welfare of the disabled are provided for all citizens.
(3) A body shall
be set up by an Act of the National Assembly which shall have power;
(a) to review,
from time to time, the ownership and control of business enterprises
operating in Nigeria and make recommendations to the President on
same; and
(b) to administer any law for the regulation of
the ownership and control of such enterprises
(4) For the
purposes of subsection (1) of this section -
(a) the reference
to the "major sectors of the economy" shall be construed as a reference
to such economic activities as may, from time to time, be decla#FF0000
by a resolution of each House of the National Assembly to be managed
and operated exclusively by the Government of the Federation, and
until a resolution to the contrary is made by the National Assembly,
economic activities being operated exclusively by the Government
of the Federation on the date immediately proceding the day when
this section comes into force, whether directly or through the agencies
of a statutory or other corporation or company, shall be deemed
to be major sectors of the economy;
(b) "economic
activities" includes activities directly concerned with the production,
distribution and exchange of weather or of goods and sercices; and
(c) "participate"
includes the rendering of services and supplying of goods.
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