World Bank Rates Nigeria As One Of The Top 10 Most Improved Economies In World – Osinbajo
Vice President Prof. Yemi OsinbajoVice President Yemi Osinbajo has disclosed that the World Bank has recognized Nigeria as one of the top 10 most improved economies in the world.
He added that the International Monetary Fund (IMF) has also cited the business climate reforms in Nigeria as a major contributor to lifting the economy out of the recession last year.
Professor Osinbajo, who spoke today, Thursday at the Leadership Newspapers Award and Conference 2017, themed: “Towards Financially Viable State Government,” listed the various economic reforms which the government of President Muhammadu Buhari had undertaken.
according to him, one of the government’s priorities has been diversifying the nation’s revenue base. “When we assumed office in 2015, there were only about 14 million taxpayers of the almost 70 million economically active Nigerian citizens. Indeed, of the 943 persons who pay over N10 million in assessed taxes in Nigeria, 941 of them live in Lagos, the other two live in Ogun State.
“The question you have to ask is: how does any country survive when only a fifth of those who should be paying taxes actually pay them. And so we set out to implement the needed reforms, including our Tax Amnesty, which is being done in partnership with the State Tax Authorities. Today, we have added nearly 6 million tax payers. It is taxes usually that would pay for development.
“Secondly, is a focus on agriculture, and especially value-adding by processing along the Agro-allied value chain, creating jobs, reducing imports and exporting more. Since all the land is in the States, anywhere, except, of course, for the Federal Capital Territory, the States that have created the most jobs are those that focused on agriculture and the value chain. Rice-producing States, for example, have witnessed a tremendous rise in the prosperity of their people. So, states like Kebbi, Jigawa have noticed a significant improvement in the earnings of farmers and of people, and certainly more farmers
“Thirdly, creating an enabling environment for business is another must-do. We have pursued this goal aggressively since 2016, and I’m pleased to note that we have already started seeing the results.
“We have reduced business registration times; we have implemented a functioning Visa on Arrival system, launched an online system for filing taxes, among other reforms. By dismantling the bureaucratic obstacles in the way of businesses and investors, we are hoping to unleash the full potential of private enterprise; the kind of enterprise that creates jobs, that grows the economy, and produces future tax revenues for the government.”
There was a free-for-all fighting amongst the lawmakers in the Gombe State House of Assembly, when moves were made to remove the Minority Leader, Ahmed Usman Haruna, representing Gombe North State Constituency, leading to the disappearance the mace, which is the Assembly’s symbol of authority.
Economy: Facts Are Stubborn Things, By Femi Adesina
Some people have made it a pastime to talk as if there is no silver lining in the sky as far as the Nigerian economy is concerned. They carry on as if it is doom and gloom all the way, a thoroughfare of woes. This they do, to hoodwink the public, and peradventure gain political advantage for themselves, or their principals.
But facts are stubborn things. Those arrayed against facts may abhor and deride them, but there they are, staring them starkly in the face. Here are some current facts about the Nigerian economy, which naysayers may not be able to do anything about:
According to the National Bureau of Statistics (NBS), the economy has recovered from the slow-down and eventual recession, which started in 2014. There has been improvement with stronger growth for three successive quarters. From contracting by 0.91% in Q1 2017, the economy has grown by 0.72% in Q2 2017, to 1.17% in Q3 2017, and 2.11% in Q4 2017.
The Q1 2018 GDP shows that the economy has recorded a GDP growth of 1.95%, compared to a contraction of 0.91% in Q1 2017.
The growth is driven by Agriculture and Industry, which shows that finally, after more than 50 years of lip service, the Nigerian economy is on the road to diversification. The oil sector’s contribution to GDP is 9.61%, while non-oil sector’s share is 90.39%.
One of the factors responsible for the positive performance of the economy in Q1 2018 was the spending of about N1.5 trillion on infrastructure projects in 2017.
For the past 15 months, inflation has declined consistently from 18.72% to 12.48%. The country is steadily on the road to single digit inflation rate.
The first quarter of 2018 saw a continuous growth in total capital importation into the country, the fourth consecutive quarterly increase since Q2 2017. The total value of capital imported is $6,303.63 million, a 17.11% growth over the figure reported in the previous quarter.
Foreign reserves stand at $47.79 billion, compared to $29.6 billion inherited in May 2015, after about six years boom in oil prices in the international market. The increase came at a time of modest oil prices, showing transparency and accountability by government.
Nigeria’s Stock Market ended 2017 as one of the best-performing in the world, with returns of about 40 percent.
Tax revenue increased to N1.17 trillion, in Q1 2018, a 51% increase on the Q1 2017 figure.
Milled rice production has increased from 2.5MT to 4MT, and rice imports have dropped from 580,000MT in 2015 to 58,000MT in 2016. Millions of dollars have been saved.
These are just little among the good things happening to the Nigerian economy. Only the wilfully blind will not see it, but it does not stop the good work, which continues.
On exiting recession last year, President Muhammadu Buhari had said he would not consider the job done, until the ordinary man feels the impact of the rebounding economy on his life and pocket. We are inexorably on that road, no matter what scoffers may say.