The President Muhammadu
Buhari-led Federal Government has assured that as Nigeria’s economy continues
to improve, prices of food items will soon “tumble.”
Minister of Information and
Culture, Lai Mohammed said Nigerians will soon begin to feel the impact of the
country’s improved economy in their daily lives.
Speaking in Lagos, Mohammed
highlighted how the Federal Government has being making efforts towards
ensuring that the country’s economy continues to improve.
Mohammed said with programmes
like Economic Recovery and Growth Plan, ERGP, Presidential Enabling Business
Environment Council, PEBEC, Buhari is determined to put the country’s economy
on a winning path.
The Minister insisted that the
current administration will not “relent in its determined effort to usher in a
new dawn for Nigeria. We are winning the battle to revive the economy.”
Mohammed in a statement said,
“Good afternoon gentlemen and thank you for, once again, honouring our
invitation. This is the second time we are meeting in about one and a half
months. Recall that when we met on Sept. 17th 2017, at this same venue, we
promised that the next meeting won’t be long. Today, we are living true to our
promise.
“Our last meeting dwelt
exclusively on the menace of IPOB. Today, it is about the economy! As you are
very much aware, this administration’s contract with Nigerians sits on a
tripod: The fight against corruption, Tackling insecurity and reviving the
economy. Even our worst critics acknowledge the progress we have made in
fighting corruption and tackling insecurity. But one area in which they have
consistently criticised us is the economy. Right from the inception of this
Administration, we chose the path of seeking a lasting solution to the economic
crisis plaguing the nation instead of engaging in a quick fix that may attract
accolades but will not endure. We chose to be painstaking instead of engaging
in palliatives.
“Gentlemen, I am happy to inform
you today that we are winning! Our well-thought-out policy, encapsulated in the
Administration’s Economic Recovery and Growth Plan (ERGP), launched on April
5th 2017, is working and the results are beginning to show. In September, we
exited recession and returned to the path of growth, after five consecutive
quarters of contraction. As we said then, taking Nigeria out of recession did not
happen by accident. It was the culmination of months of hard work by the
administration and fidelity to its well-articulated economic policies.
“To show that taking Nigeria out
of recession was not a fluke, less than two months later, precisely 31st Oct.
2017, Nigerians got another good news: The country has moved up 24 places, to
145th, in the World Bank’s ‘Doing Business’ report. Not only that, for the
first time the country is recognized as one of the top 10 most improved
economies in the world. This is phenomenal. More importantly, it is the direct
result of a well-articulated policy by this Administration.
“Dr. Jumoke Oduwole, the
Secretary to the Presidential Enabling Business Environment Council (PEBEC) and
the Coordinator of the Enabling Business Environment Secretariat (EBES), which
implements the PEBEC’s reform agenda, will give details of how Nigeria achieved
that feat and what remains to be done to ensure even a better result in the
months ahead.
“But let me say this: Shortly
after its establishment by President Muhammadu Buhari in 2016, PEBEC, which is
chaired by the Vice President, took a significant step towards making it easier
for Micro, Small and Medium Enterprises (MSMEs) to do business in Nigeria. How
did it do to that, you may ask? PEBEC approved a 60-Day National Action Plan on
the Ease of Doing Business with clear deliverables and timelines for the
Ministries, Departments and Agencies (MDAs) responsible for implementing each
line item in the Plan.
“Remember that MSMEs, which
account for almost half of Nigeria’s Gross Domestic Product (GDP), play a key
role in the Nigerian economy and employ over 80 percent of the country’s labour
force. Therefore, we look up to these enterprises to provide the endless
possibilities for Nigeria’s economic growth. We now for sure that if the MSMEs
blossom, Nigeria’s economy will thrive. This is what PEBEC set out to do, and
the result is what you are seeing. Lest I forget, we even surpassed our target.
We had hoped to move up 20 places.
We beat that by four more to move up 24
places. And as Dr. Oduwole will soon tell you, the best is yet to come. In the
words of Vice President Osinbajo,”improving the business environment is at the
heart of the Buhari Administration’s reform agenda. We are reinforcing our economic
turnaround by implementing the Economic Recovery and Growth Plan (ERGP) so
businesses operating in Nigeria can thrive and be competitive globally.”
“The good news in the area of the
economy continues. As part of the Administration’s efforts to improve Nigeria’s
tax to GDP ratio, which currently sits at a paltry 6% – one of the lowest in
the world – the Administration has launched what is called the Nigerian
Voluntary Asset and Income Declaration Scheme, or VAIDS. This provides a
time-bound opportunity for taxpayers to regularize their tax statusrelating to
previous tax periods and pay any taxes due. In exchange for fully and honestly
declaring previously undisclosed assets and income, taxpayers will benefit from
forgiveness of overdue interest and penalties, and the assurance of not facing
criminal prosecution for tax offences or tax investigations. As of 31st Oct.
2017, VAIDS has raked in over 200 million Naira and 55 million US dollars.
“Then, of course, there are the
usual indices: For 8th consecutive months, headline inflation has been falling;
the foreign exchange reserves are up to $34 billion, from $24 billion a year
ago; oil production is at nearly 2 million barrels per day, a significant
improvement from 2016 when it was mostly below a million; the value of the
Naira in the parallel market has appreciated significantly inrecent times
against the US dollar, and that at about 1.8 billiondollars, the capital
inflows in the second quarter of 2017 were almost double the $908 million in
the first quarter.
“Gentlemen, we can go on and on
in reeling out the good news. But the bottom line is that as things continue to
improve, Nigerians will begin to feel the impact in their daily lives. With the
ongoing massive infrastructural development, especially in roads, railways and
power, Nigerians will begin to get a new lease on life. Food prices will
tumble. Businesses will thrive. More jobs will be created.
“This Administration will not
relent in its determined effort to usher in a new dawn for Nigeria. We are
winning the battle to revive the economy. We are fighting corruption like never
before. We are tackling insecurity with a renewed vigour. While the naysayers,
who are obviously in the minority, persist in their pastime of acting as a
distraction, discerning and well-meaning Nigerians will continue to appreciate
and encourage the good work of our Administration.
“Let me round off this address by
once again commending Nigerians for their perseverance. Reviving the economy
was never going to be an easy task. It was bound to bring some hardship to our
people in the short term. Through it all, the good people of Nigeria have borne
the pains with equanimity, based on their unshakable trust in the sincerity,
capability and commitment of President Buhari. Now, the soothing balm is here.
As the results of the government’s fidelity to its well-articulated economic
policies trickle in, one thing is sure: This time around, it will be
long-lasting.”
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com