The Federal Government has unveiled an ambitious agenda for economic reform to reduce inflation, create jobs, and foster growth in key sectors.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known at the 30th Nigeria Economic Summit (NES30) in Abuja on Tuesday, October 15, 2024.
Edun said the government was focused on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.
Edun stated that the intention was to tackle poverty by enhancing agricultural productivity and food security, which he said is essential to lowering the high inflation rate.
The minister said the government was partnering with the African Development Bank (AfDB) to establish agricultural processing zones, which would provide a robust supply of raw materials for domestic industries.
He said the government would also address housing affordability by launching a mortgage scheme that would offer near-single-digit interest rates on loans spanning up to 25 years.
Nigeria’s inflation rate rises to 32.7%
Edun said: “This initiative aims to spark a construction boom by increasing access to affordable housing, a critical area for job creation and economic growth.
“In partnership with the private sector, we are delivering mortgages that will support Nigeria’s housing and real estate sector.”
He added that the recent reforms had 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,” he said.
Edun said manufacturing would also benefit from new tax incentives and cheaper funding, adding that these policies were designed to cut operational costs and increase job opportunities in the sector.
“We are offering specific incentives, including excise tax and withholding tax reliefs, to stimulate the manufacturing sector,” the minister stated.
He added that these measures had encouraged Nigerian manufacturers to invest in the country’s economic prospects.
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