Connect with us

Business & Economy

With Over $400bn GDP, Nigeria’s economy Still The Largest In Africa with – Zainab Ahmed

Published

on

Zainab Ahmed - Minister of Finance and National Planning
Share

By Ossom Raphael

The Minister of Finance, Budget and National Planning, Zainab Ahmed has said that Nigeria’s economy remains largest in Africa with with over $400 billion in Gross Domestic Products (GDP).

The minister, who said this at the 21st edition of Town Hall Meeting on the achievements of the Federal Government in infrastructure development held on Tuesday in Abuja, also said that the country’s huge and growing population offer both an economic challenge and opportunity.

She noted that despite constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the domestic economy, the country still boast of the largest economy in Africa.

Ahmed who pledged Federal Governments commitment to continue to prioritise spending on infrastructure, said the ministry planned to spend about N1.42 trillion in 2022.

She said: “Nigeria’s economy and population remain the largest in Africa with over $400 billion in GDP and over 200 million people. The country’s huge and growing population offer both an economic challenge and opportunity, in the light of constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the domestic economy.

“Against this backdrop of challenges, this Administration has successfully implemented a range of infrastructure programmes that have had a positive impact on the lives and livelihoods of the citizenry.

“Subsequently, this Administration continues to prioritize spending on infrastructure and human capital to catalyze rapid economic development. In 2022 alone, we plan to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development.”

Speaking further, Ahmed said that bilateral and multilateral loans financing critical infrastructure were contracted within the framework of the 2020-2023 Medium-Term Debt Management Strategy (MTDS).

According to her, the MTDS provides a guide to the borrowing activities of government in the medium-term, usually four years.

“The ministry under the International Economics Relations Department (IERD) contracts external loans on behalf of the Federal Government of Nigeria from bilateral and multilateral development partners to finance critical infrastructure.

“The Debt Management Office (DMO), in collaboration with relevant stakeholders set targets under medium-term debt management strategy.

“These includes total public debt maximum of 40 per cent from the GDP, portfolio composition of maximum 70 per cent and minimum 30 per cent and domestic debt mix with the minimum of 75 per cent and maximum 25 per cent.

“In the light of constrained revenue, proceeds brought on by several multi-dimensional factors, including the global pandemic had its impact on the domestic economy.

“Ongoing projects under the Chinese EXIM bank include the Zungeru Hydropower Plant Project funded with 984.32 million dollars and Lagos – Ibadan railway project received 1.26 billion dollars.

“The upgrading and rehabilitation of Keffi-Akwanga-Lafia Road project was funded with 460.82 million dollars, supply of rolling stock and depot equipment for Abuja light rail phase 1 project was funded with 164.91 million dollars.

“The NICTIB Phase II (Galaxy Backbone), four airports terminal expansion project phase II and ancillary works on four airports terminal expansion were funded with 328million, 208.91 million and 183.62 million dollars respectively,” Ahmed said.

The Minister acknowledged the contributions of the World Bank, African Development Bank and French Bank in funding relevant infrastructure development in the country.

She said: “World Bank funds the Nigeria electrification project, north core interconnection power transmission line and Nigeria electricity transmission and access project with 350 million dollars, 32.3 million dollars and 486 million dollars respectively.

“The African Development Bank has also funded the Nigeria electrification project, Nigeria transmission and expansion program with a total of 410 million dollars.

“French Development Bank funds the Abuja Power Feeding Transmission Scheme with 170 million dollars and Northern Corridor Transmission Line with 245 million dollars”.

The event organised by the Ministry of Information and Culture was aimed at sensitizing the impacted communities, key stakeholders, the public and the nation on the infrastructure projects and programmes undertaken by the current Administration to create the enabling environment for socio-economic growth and development.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Economy

Kaduna refinery will begin production in December – NNPCL Boss, Kyari

Published

on

Melee-Kolo-Kyari-NNPC-GMD
Melee-Kolo-Kyari-NNPC-GMD
Share

The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL,Mele Kyari has disclosed that the refinery in Kaduna State will be ready for production by December 2024.

He disclosed this during a meeting with the Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria in Abuja.

He disclosed that operations at the Port Harcourt refinery are scheduled to begin in two weeks.

According to Kyari: “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready.

“The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”

 

Continue Reading

Business & Economy

Edun Blames Economic Hardship On Free Printing Of Naira During Buhari’s Govt

Published

on

Wale-Edun
Wale-Edun
Share

Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

The Federal Government has disclosed that the free printing of naira notes for eight years, under the previous administration went into the hands of a privileged few, without corresponding productivity, resulting in the country’s current economic situation.

Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

While elaborating on measures to revamp the economy, the Finance minister vowed to thoroughly audit the 22.7 trillion naira, and mop up the monies from the market and use it to pay the central bank to give the government a balanced book.

Responding to questions, the finance minister addressed the issue of waivers on customs duty running into trillions of naira, promising to overhaul the system, rejig it and implement a technology and payment system that would correct all anomalies in place.

He further disclosed that a total of 13 trillion naira was collected as non-oil revenue in 2023.

Continue Reading

Business & Economy

Harsh Economy: FG To Begin Distribution Of Grains Nationwide 

Published

on

Share

 

The Federal Government will begin the distribution of grains nationwide to cushion the impacts of the hardship in Nigeria.

Minister of Agriculture and Food Security Senator Abubakar Kyari disclosed this on Monday.

“Dear Fellow Nigerians,” he wrote on his official X handle. “In these trying times, I extend my sincere compassion to those affected by the hardships in the country. I understand the gravity of the situation, especially with the unfortunate event of foodstuff warehouse looting.

“Amidst these challenges, I want to assure you that our commitment to your well-being remains resolute. We shall commence the distribution of 42,000 metric tons of grains, as approved by Mr. President, across the 36 states of the federation as one of the programs to be rolled out this week.

“We are working hand in hand with NEMA and the DSS to ensure that the grains get to the right people in the right packages and quantities. Furthermore, 58,500 metric tons of milled rice from mega rice millers will also be released into the market for stabilization.”

The minister who hailed the resilience of the Nigerian people, urged them to back President Bola Tinubu’s government in its quest to address the challenges facing the country.

“I acknowledge the strength of the Nigerian people, and it is this resilience that will guide us through these difficult times. Let us stand together to support Mr. President in his strive for a better Nigeria,” Kyari said.

“Our government under the leadership of President Bola Ahmed Tinubu is committed to addressing these challenges and working towards a more secure and prosperous future for all.”

Continue Reading