The Federal Government says it has identified four ways to revamp Nigeria’s economy and make it one of the best in the world.
This was made known by the Minister of Finance, Mrs Kemi Adeosun, at a special programme organized by the Lagos Business School recently.
According to Adeosun, the four economic plans the government is relying on are to:
* Stimulate economic growth to achieve a real GDP growth of 4.2% in 2017;
* Reduce the cost of governance and strengthen institutions to combat corruption extract efficiencies in public service;
* Increase government expenditure on infrastructure; and
* Fund the budget deficit and negative trade balance cost effectively.
Adeosun said at the end of the day, if all the plans are executed, the government should be able to record:
*Substantial increase in gross capital formation;
*Acceleration of GDP growth;
* Infrastructure development to unlock economic growth;
* Diversification of the economy and growth of the non-oil sector;
* Improvement in the overall business environment
* Improvement in key socio-economic indicators, and
* Jobs and wealth creation.
The Minister explained that, “We have inherited a set of conditions that requires us to refine how we collectively work towards ushering in a new era in Nigeria.”
She said, “In the past, we had the means but not the will. Now we have the will but we no longer have the money to invest. The safety blanket of oil has been ripped away, laying the poverty of Nigeria’s institutions bare.”
Adeosun added that, “We have spent too many years tinkering at the edges of our institutions, our infrastructure and our economy and that the mistakes and misjudgments of the last 40 years have set our clocks back by decades.”
According to her, “We are a nation of entrepreneurs, and our entrepreneurs need reliable infrastructure, skilled employees and transparent systems and regulation that support them as they grow. We are introducing sound policies and robust systems that will benefit the micro, small and medium enterprises.”
She remarked that, “With courage, discipline and open minds, we begin our journey to build an economy whose resilience is not controlled by oil prices, but by our determination to reset the economy and finally give our people the chance they deserve.”
The Minister posited that, “We must find the money, and create a system that enables targeted expenditure, based on the nation’s priorities. This expenditure will be efficient and impactful, focused on creating wealth for the majority.”
