Nigeria's Minister of Finance, Wale Edun, has announced a comprehensive reform agenda aimed at reducing inflation, creating jobs, and fostering growth in key sectors.
Speaking at the 30th Nigeria Economic Summit, Edun emphasized the government's strategic focus on agriculture, manufacturing, oil, and housing as vital components for economic revitalization.
The reform plan is designed to combat poverty and enhance food security, which are crucial for curbing the high inflation rate currently burdening many Nigerians. "We are looking to food production to help bring down inflation," Edun explained. "Our aim is to make food more available, affordable, and to reduce the cost of living for Nigerians."
To support these efforts, the government is partnering with the African Development Bank (AfDB) to establish agricultural processing zones. These zones will ensure a robust supply of raw materials for domestic industries, thereby strengthening the agricultural sector's contribution to the economy.
The oil and gas sector, a critical source of foreign exchange, is also witnessing renewed investments. Recent reforms have attracted significant investments, including an additional $10 million from ExxonMobil and other key industry players. "The oil sector is our first avenue for foreign exchange and global revenue," Edun stated, expressing optimism about sustained contributions from both local and foreign investors.
In the manufacturing sector, new tax incentives and cheaper funding are set to cut operational costs and increase job opportunities. "We're offering specific incentives, including excise tax and withholding tax reliefs, to stimulate the manufacturing sector," Edun noted. These measures have already encouraged Nigerian manufacturers to commit up to $4.2 billion in investments, boosting the country's economic prospects.
Additionally, the government is launching a new mortgage scheme to improve housing affordability. This initiative offers near-single-digit interest rates on loans spanning up to 25 years, aiming to "spark a construction boom" by increasing access to affordable housing. "In partnership with the private sector, we're delivering mortgages that will support Nigeria's housing and real estate sector," Edun affirmed.
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