Economy, Local Content Improved By Border Closure – Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said Nigeria’s economy and local content have been greatly improved by the Federal Government’s closure of land borders.

Ahmed made this known at a news conference on the forthcoming 26th Nigerian Economic Summit scheduled to hold between October 26 and 27, 2020.

The minister stated that the closure of land borders has helped to control insecurity, smuggling and kidnapping, which, according to her, have impacted positively on the nation’s economy.

She said, “The effects of the land border closure are showing in other sectors such as manufacturing, livestock, amongst others.

“It has given room to expand local contents by providing opportunity for the private sector to leverage increased local content and expand their businesses.

“We are closer to attaining self-sufficiency in rice production than at any point in time in the country’s history.”

To achieve a competitive economy, she canvassed stable macroeconomic conditions and business climate that would keep transaction costs low, drive savings, investment and job creation.

“This is where the role of the government becomes critical in ensuring enabling policies and strategies are in place for the private sector to excel,” she noted.

She stated that effective implementation of government policies enabled Nigeria to move up 15 places to 131st in 2020 from 146th position in 2019 on the Ease of Doing Business ranking of the World Bank.

The minister, however, added the country was targeting Top 100 on the Ease of Doing Business.

“Government is working on operational, regulatory and legislative interventions to enable the country move to the Top 100 on Ease of Doing Business ranking.

“Nigerian governments across all levels will continue to initiate business-oriented policies and ensure adequate commitment to their implementation.

“As the nation awaits the passage of the Petroleum Industry Bill, the Finance Act and the Companies and Allied Matters Act (Repeal and Re-enactment) recently signed by Mr. President will transform the business environment and re- energize the private sector as the engine of growth of the economy,” she remarked.

The NESG chairman, Mr. Asue Ighodalo, stated that the economy summit is intended to position subnationals – states and local governments – as frontiers of national economic development and growth.

“This Summit will also usher us into the ‘Decade of Action’ towards meeting the Sustainable Development Goals by 2030,” he said.