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11 Key Takeaways From Adeosun’s Presentation At The Ecobank Economic Summit

Onome Ohwovoriole by Onome Ohwovoriole
November 26, 2016
in Uncategorized
These Are The Reasons Madam Adeosun Gave For Her Recent Statement About The Recession
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On  Friday, 25th of November 2016, the Hon. Minister of Finance Mrs Kemi Adeosun made a presentation at Ecobank’s Economic Outlook for 2017. Here are key takeaways from her presentation titled Changing the Growth Narrative.

  • Mrs Adeosun acknowledged that the administration had not engaged enough with the public. This was quite obvious as many of the proposals were just coming to the public domain for the first time.
  • 25 billion of the 29 billion dollar loan request is going towards three major infrastructure projects. Namely two rail projects and the mambilla plateau electricity project.
  • Seven hundred and fifty billion naira has been released for capital expenditure in the last five months. A significant proportion of this money, as a result of government’s previous debt to contractors has gone to banks who lent contractors money for previous projects.
  • The administration met a wage bill of 165 billion at inception. It is currently at a 149 billion naira and still falling. 250 million dollars of the Abacha loot has just been released to the government by the Swiss authorities.
  • A development bank with exclusive focus on small and medium scale enterprises will be established. This is because they constitute 50% of the nation’s GDP.
  • A road trust fund will also be established as a form of ppp with the government and the private sector.
  • The government is also looking at some form of concessions of the ports so goods can be scanned and duties estimated immediately than the present manual process of examining goods.
  • The government also intends to create fiscal incentives for the agricultural sector in the 2017 project.
  • In order to encourage Nigerians in the Diaspora to go beyond merely sending remittances, the govt in partnership with the private sector will develop a scheme where those in diaspora can build houses.
  • The government continues to take cost cutting measures such as ensuring that agencies and parastals which generate income spend more prudently and remit revenue to the government. Screening of ghost workers is a continuous process .
  • The focal point of the government is developing infrastructure so as to reduce the costs of doing business in Nigeria and enhancing ease of doing business. The government is also keen on improving its performance in various socio economic indicators like infant mortality.
Source: NRI
Source: NRI

 

Tags: Business NewsEconomic newsNigeria GDPNigerian recessionPower Sector
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 2

  1. Anonymous says:
    November 26, 2016 at 4:23 pm

    2016 is nearly over. Over one year in office. What Fiscal achievements have been made. Economic indices still trending south. Yet here we are, same old talk show. Regrettable, disappointed.

    Reply
  2. Anodebenze says:
    November 26, 2016 at 5:30 pm

    What is life and how can one make his/her life useful for himself/herself and work towards his/her happiness.happiness generates joy and pleasure, which will enable someone makes long-term plan and forgoes short-termism for the overall goodness of his life and happiness.we will see with time with this govt plan for development bank and road trust fund.lets govt provides us with the detail.
    As far as I am concerned.IT IS NOT GOING TO HAPPEN LIKE WHAT THE MINISTER SAID OR THINK.IT’S NOT GOING TO HAPPEN IN NIGERIA,MARK MY WORD.
    Only those who do God’s will will go to haven,but i am not a believer of haven and hell for me,,haven and hell is now in our world,this govt plan can only work,if govt uses the philosophy of metaphysic,metaphysics means you uses god’s will time and space abstract thinking and materialism and knowledge,as long as you do not integrate the collective majority will of the people in your plan,you are wasting your time,good luck to the govt,very soon the people will cast their vote in two and half year

    Reply

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