President Goodluck Jonathan has hinted at the diversification of the Nigerian economy in 2015 in his New Year speech, yesterday.
“Being very conscious of the inherent perils of our over-reliance on income from crude oil exports for national development, we have focused on accelerating the diversification of our economy,” the president said in his speech.
Adding, “The non-oil sector which has grown by an average of 8 per cent in the last few years is now a major driver of growth in our economy.”
The President emphasised that the 2015 national budget, which is now before the National Assembly, was geared towards deepening efforts at diversifying the Nigerian economy to the non-oil sector.
The President in veiled reference to the falling oil prices said that measures have been put in place in the budget to countervail its impact on national development plans.
“We are adjusting our financial processes to safeguard our economy.
“We are also taking steps to ensure that the poor and the low and medium income earners do not bear the brunt. In 2015, this administration will continue to lay the foundation for a vibrant economy that attracts significant Foreign Direct Investment and promotes policies that ensure economic stability,” the President said.
He also touched on the stability of the naira, a critical economic factor for the Nigerian economy in 2015.
“We will ensure stability in the value of the naira by striving to take away speculative behaviours that cause market exchange pressures,” the President added.
“We will continue to build and maintain a healthy external reserves position and strengthen fiscal buffers.
“We will ensure the naira remains strong, and gives foreign investors the clarity and certainty that they need, to guide future investment decisions.”
The President said that his government would introduce “broad spectrum of financial instruments to boost sector-specific enterprise areas in agriculture, micro, small and medium-scale enterprises (MSMEs), manufacturing, and oil and gas to enhance our aggregate supply capacity, reduce poverty, promote job creation and increase the general well-being of our people.”
He said that his administration launched the Youth Employment in Agriculture Programme (YEAP) and the $100 million dollars Government and Donor Fund for Agriculture Finance in Nigeria (FAFIN) to transform the agricultural sector.
“Being very conscious of the inherent perils of our over-reliance on income from crude oil exports for national development, we have focused on accelerating the diversification of our economy,” the president said in his speech.
Adding, “The non-oil sector which has grown by an average of 8 per cent in the last few years is now a major driver of growth in our economy.”
The President emphasised that the 2015 national budget, which is now before the National Assembly, was geared towards deepening efforts at diversifying the Nigerian economy to the non-oil sector.
The President in veiled reference to the falling oil prices said that measures have been put in place in the budget to countervail its impact on national development plans.
“We are adjusting our financial processes to safeguard our economy.
“We are also taking steps to ensure that the poor and the low and medium income earners do not bear the brunt. In 2015, this administration will continue to lay the foundation for a vibrant economy that attracts significant Foreign Direct Investment and promotes policies that ensure economic stability,” the President said.
He also touched on the stability of the naira, a critical economic factor for the Nigerian economy in 2015.
“We will ensure stability in the value of the naira by striving to take away speculative behaviours that cause market exchange pressures,” the President added.
“We will continue to build and maintain a healthy external reserves position and strengthen fiscal buffers.
“We will ensure the naira remains strong, and gives foreign investors the clarity and certainty that they need, to guide future investment decisions.”
The President said that his government would introduce “broad spectrum of financial instruments to boost sector-specific enterprise areas in agriculture, micro, small and medium-scale enterprises (MSMEs), manufacturing, and oil and gas to enhance our aggregate supply capacity, reduce poverty, promote job creation and increase the general well-being of our people.”
He said that his administration launched the Youth Employment in Agriculture Programme (YEAP) and the $100 million dollars Government and Donor Fund for Agriculture Finance in Nigeria (FAFIN) to transform the agricultural sector.
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