By Cross Udo, Abuja
Leveraging the nation’s population and resources, with a main focus on unleashing Nigeria’s full economic potential, President Bola Tinubu has said that his administration’s Renewed Hope Agenda can build a trillion-dollar economy within the next decade.
The President said this could be further facilitated by ongoing efforts on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption.
Tinubu stated this yesterday at the opening session of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE).
The President, who was represented by deputy, Senator Kashim Shettima, maintained that with its rich population and resources, Nigeria could become a trillion-dollar economy within the next ten years.
He however expressed disbelief that the ambitious target could be achievable without taking into account the importance of the key elements encapsulated in the theme of the NSE Conference, “Manufacturing, Competitiveness and Economic Growth”.
A statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, quoted Tinubu as saying, “The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty and corruption.”
The President stated that he was not unmindful of the hardships most Nigerians are enmeshed in, noting however that “the difficult times are indeed temporary, but the benefits will be permanent.”
Reeling out his administration’s efforts in transforming the economy and creating opportunities for citizens, Tinubu said, “I have had engagements with stakeholders across Nigeria’s manufacturing sector.
“I am very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, and export obstacles, among others.
“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, every one of these issues.”
*Vows to deliver less burdensome tax regimes
On taxation, the President explained that his administration’s goal was to increase the country’s tax revenues and reduce the burden on individuals and businesses at the same time.
“It may sound like a contradiction, but it is not: by streamlining the number of taxes, introducing greater efficiency, and blocking the loopholes through which leakages occur, we can and will deliver less burdensome tax regimes to businesses and employers of labour.
“The government’s focus in foreign exchange has been to abolish an unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all the other elements required to attract substantial inflows into a properly run official market,” the President added.
On Infrastructure, Tinubu said, “We are supporting the States with seed financing for a transformational Infrastructure Fund. In addition to this, the petrol subsidy reforms have led to dramatic increases in subnational revenues, which means the States have more resources to invest in infrastructure and other critical areas.”
Hinting on access to capital, Tinubu said he has ordered “the creation of a new single-digit interest-rate Fund to provide N75bn to support manufacturing enterprises, among other targeted financing interventions.
“As you are also all aware, the Central Bank, now under new management, is back to prioritizing its core mandates of inflation management and exchange rate stability,” the President added.
He tasked the NSE to work closely with government and other stakeholders to “jointly chart a path to true and lasting prosperity for Nigeria.”
