Vice-President Yemi
Osinbajo said yesterday that the President Muhammadu Buhari administration had
lifted millions of Nigerians out of poverty in the last three years.
He was apparently reacting
to a statement by British Prime Minister Theresa May that Nigeria had the
largest population of poor people.
Osinbajo said in the same
period, the administration laid a solid foundation for a resilient and
competitive economy, provided infrastructure and opened space for private
investment to accelerate growth and development through the Economic Recovery
and Growth Plan (ERGP) initiative.
The vice-president, who
spoke in Abeokuta, the Ogun State capital, at the 17th Joint Planning Board and
National Council on Development Planning (NCPD), identified “social investment
initiatives” as the vehicles used to pull Nigerians, in their millions, away
from the poverty trap.
He was represented by the
Minister of Budget and Planning, Senator Udoma Udo Udoma.
Osinbajo said the
government would invest in Nigerians and give them a better life, adding:
“Billions of naira have been committed to tackling infrastructural
deficiencies, while resources are being utilised and projects prioritised to
ensure transformation of the country.”
Speaking on the NCPD
meeting with the theme: “Accelerating the implementation of the Economy
Recovery and Growth Plan: The Role of Stakeholders,” he noted that the Federal
Government was committed to ensuring that it delivered on the objectives and
targets of ERGP.
According to him, the
administration via the ERGP had revitalised fertiliser blending plants, which
assisted Nigeria to save over 200 million dollar annually.
“We are proud of the
successes recorded in the agricultural sector. The revitalisation of our
fertiliser blending plants alone has saved the country over $200 million
annually in foreign exchange and over N60 billion in budgetary provisions for
fertiliser subsidies.
“This has also made it
possible to purchase fertiliser at prices up to 30 per cent cheaper than
previously available. We are importing less rice today than we did a few years
ago.
“I am glad to note the
partnership some states, such as Kebbi and Lagos have entered into in a bid to
support the agricultural development and food security objective of the ERGP. I
expect to see more of such model agricultural collaboration among other states,”
he said.
The vice-president
identified the Gross Domestic Product (GDP), security and inflow of foreign
investments as areas where the ERGP had helped the country to experience
success.
“I am aware that the
National Committee on Export Promotion is implementing a plan to enhance export
promotion and economic diversification in line with the Zero Oil Plan (ZOP)
initiative. We have budgeted N44.2 billion in the 2018 budget for the
establishment of Special Economic Zones in the country’s six geo-political
zones to drive local manufacturing and exports.
“We are also paying close
attention to the mining sector by reinforcing the Mining Regulatory Agency.
About N644 million has been voted for this in the 2018 budget. We are ready to
set up a National Gold Purchase Scheme. The Central Bank of Nigeria (CBN) is
advancing discussions on the modalities for gold purchase towards enhancing
liquidity in the sector.
“I believe that to
accelerate implementation of the ERGP and deliver on its target of 7 per cent
GDP growth by 2020, we need massive private investment. And that underscores
the significance of the ERGP Focus Labs. I am pleased to note that this
exercise has yielded positive outcome.
“In the past few months, we
have taken a number of decisions that will further facilitate the realisation
of the massive private investments unlocked in these labs. I think the states
must be commended for their willingness to cooperate and assist in making these
investments to happen.
“From our reports, some of
the states have responded positively to a number of approvals that were
required from them. The success of the Labs is a testimony to what partnership
between the public and private sector can achieve when they work together for
public good,” he added.
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