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FG to restore economy with strategic reforms

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By Abiodun Okunloye

Stakeholders' joint efforts will bring stability at macro and micro levels.

During the opening ceremony of the 45th Kaduna International Trade Fair, Speaker Abbas Tajudeen of the House of Representatives announced that the Federal Government has introduced strategic reforms aimed at revitalising the country’s economy and ensuring stability. The fair’s theme is “Sustainable Economic Recovery Through Deepening of Local Content Value Chain”. Rep. James Barka (PDP-Adamawa), who represented the speaker, discussed the joint effort of the Federal Government, stakeholders, and the National Assembly in restoring economic stability at both macro and micro levels in the country.

Policy reforms have been implemented in various sectors to position the nation as a leading economic power in Africa through notable progress in fiscal and monetary consolidation efforts. The anticipated outcome of implementing these measures is a decrease in insecurity, which will, in turn, boost economic growth, enhance public service institutions, and create a more favourable environment for businesses to thrive and increase productivity. This has already begun to attract foreign investors and put the country on a sustainable and inclusive trajectory.

The country possesses human and natural resources for economic growth.

In the recent report from the Bureau of Nigeria Statistics, Abbas highlighted a marked advancement in Nigeria’s non-oil sector. He noted that the GDP report for the third quarter of 2023 displayed a growth of 3.46%, surpassing the previous growth rate of 2.54%. The theme of this year’s fair underscores the importance of Nigerians taking charge of resolving the country’s issues. Everyone should be prepared to work together and back the federal government in its initiatives to boost the economy by establishing a welcoming environment for investments.

Nigeria possesses a wealth of human and natural resources, along with the necessary economic policies for growth. By demonstrating the determination to enact these policies, Nigeria has the potential to emerge as a key player in the global economy. Abbas called upon all stakeholders to rally behind the current government’s efforts to foster an economically prosperous future for all citizens of Nigeria. His statement emphasised the 10th National Assembly’s commitment to creating a favourable climate for business owners and investors in Nigeria, aiming to support their success in the country’s economic sector.

Digital economy and employment opportunities will be enhanced.

Entrepreneurs in Nigeria are set to thrive under the current administration’s business incentives and initiatives, guaranteeing profitable success and secure investments. The necessary support will be provided to ensure that these entrepreneurs can contribute significantly to the transformation of Nigeria. They aim to promote the expansion of the digital economy, provide stable employment opportunities for the growing young population, and establish the country as a leading force for economic progress and development on the African continent.

During the opening of the trade fair, Gov. Uba Sani of Kaduna State expressed that it was a moment to honour the innovative business minds and economic strength of the state. He announced plans to provide ₦4 billion in support to 4,000 small and medium enterprises through the Permanent Secretary of the Ministry of Business, Innovation, and Technology, Mr. Yusuf Saleh, who represented him. This program aims to provide support in the form of funding, education, and guidance to help small businesses expand and generate employment opportunities within our community.

Related Article: Nigeria’s economy to see 3.3% growth in 2024

Lastly, the Kaduna State Government has recently approved the implementation of a State Security Trust Fund aimed at enhancing security measures and utilising advanced technologies to safeguard all individuals within the state. Additionally, Sani announced the signing of a financial inclusion agreement, demonstrating the government’s dedication to expanding access to affordable financial services for individuals in all income levels and geographical locations. They aim to empower their citizens by fostering financial inclusion, motivating them to save, invest, and safeguard their financial well-being.

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