The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has unveiled an ambitious agenda for economic reform to reduce inflation, create jobs, and foster growth in key sectors.
Edun said this at the 30th Nigeria Economic Summit (NES30), in Abuja on Tuesday.
He said that government was focused on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.
He said that the intention was to tackle poverty by enhancing agricultural productivity and food security, which is essential to lowering the high inflation rate.
Edun said that 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 that the government would also address housing affordability, launching a mortgage scheme tjat would offer near-single-digit interest rates on loans spanning up to 25 years.
“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,” the minister said.
He said that the recent reforms had attracted significant investments, including an additional 10 million dollars from ExxonMobil and other key industry players.
“The oil sector is our first avenue for foreign exchange and global revenue,” he said.
Edun said that manufacturing would also benefit from new tax incentives and cheaper funding.
He said that this policies were designed to cut operational costs and increase job opportunities within the sector.
“We are offering specific incentives, including excise tax and withholding tax reliefs, to stimulate the manufacturing sector,” he said.
He said that these measures had encouraged Nigerian manufacturers to invest in the country’s economic prospects.