President Bola Tinubu has challenged the notion that the Nigerian economy is in distress, highlighting the progress his administration has made, so far, and the opportunities for growth and development in the country.
The President spoke in an address at the Leadership
Conference and Awards, 2023, in Abuja on Tuesday, March 5, 2024.
Represented by the Minister of Information and National
Orientation, Mohammed Idris, the President shared key initiatives and
investment efforts by the administration to support Nigerian businesses,
students, and vulnerable households, as well as to enhance food security and
attract foreign direct investment.
He said: “I should start by respectfully challenging that
notion that the Nigerian economy is in distress. Distress suggests
helplessness, being at the mercy of something we have no control over. But that
is not the case here.
“We are in challenging times, no doubt, but these times have
also been marked by unprecedented opportunities, to reset course and to build a
new and sustainable economy, away from the rent-seeking and the waste that was
once the order of the day.”
Tinubu disclosed that intervention funds totaling N200
billion have been set aside to support Nigerian businesses; in addition to a
new Federal Students’ Loan program and the Presidential Initiative on CNG. The
N200 Billion Naira, according to the President, will be disbursed through three
(3) new special intervention funds established to support Nigerian businesses.
On the Presidential Initiative on CNG, the President noted
the “imminent rollout of these CNG-powered buses which will bring down the cost
of transportation by as much as 50 percent.”
The President also highlighted the substantial increase in
revenues accruing to the three tiers of Government since the removal of the
petrol subsidy. “This means more funds are available to directly impact the
lives of Nigerians through investments in critical infrastructure, social
security, and other areas,” he said.
Other efforts of the Federal Government, aimed at bringing
economic relief to Nigerians, include the commencement of negotiations, between
the Federal and State Governments and Organized Labour, for a new minimum wage
for the country; and the scaling-up of the social investment programme.
“For the poorest and most vulnerable among us, the Social
Investment Programme, currently under review to reposition it for maximum
impact, will support millions of households with direct cash transfers that
will enable them to meet their basic needs.”
The President reiterated the gains of his administration’s
robust investment drive: “Since we assumed office in May 2023, we have
attracted $30 billion in Foreign Direct Investment (FDI) commitments into the
real sectors of the economy, including Manufacturing, Telecoms, Healthcare, Oil
& Gas, and others.
“Those investments have already started coming into the
country. Just a few days ago, I was in Qatar on an official visit, where the
Emir assured me that a senior government delegation would visit Nigeria after
Ramadan, to begin taking action on some of the new investments they are looking
at here.
“I have asked the Minister of Finance and Coordinating
Minister of the Economy to directly interface with the Qatari authorities to
ensure that speedy progress is made.”
While seeking support and patience from Nigerians, Tinubu
also paid tribute to the Late Sam Nda-Isaiah, founder of the Leadership Group
Limited, and commended his wife, Zainab Nda-Isaiah, for her continuing leadership.
“I will not close without paying special tribute to the
memory of Sam Nda-Isaiah, the man who made this possible, who envisioned and
built this into the media empire that it is today.
“Your memory will continue to live on, not only in our
hearts but also in your brilliant writings and in the family and the business
legacies that you left behind,” he said.
Furthermore, he emphasized the importance of media reporting
that focuses on successes, and not just challenges.
“I ask for the continuing patience and support of all
Nigerians, including the elite that is very well represented in this room
today.
“To the Nigerian media, I urge you to strive to report not
only the challenges but also the solutions and the opportunities as well.
“Ours is a story of a country that is taking the right
steps, and feeling the fleeting pains that will come with this course of
action. A glorious dawn is indeed assured.”
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Who soever that says this is the most wicked being on earth,
ReplyDeleteNo increase in workers take home,both state and LGA,but the cost of things are on increase every day,
No control of price and no new investment of country only oilown by a section of the country,that the nation depends on,
We last did the president price something in the market,
You have finish the nation