Press Release: Nigeria Requires International Support To Mitigate Effects of Climate Change – President Buhari
President Muhammadu Buhari Tuesday in Paris appealed to the international community to support Nigeria’s commitment to reducing the negative effects of climate change.
In a submission to the One Planet Summit in the French capital attended by over 60 Heads of State and Governments, as well as representatives of non-governmental and private organisations, with the theme, “Climate Change Financing,” the President said, “we cannot implement our Nationally Determined Contribution without adequate financial, technical and capacity building support from the developed countries.”
While noting that “since the adoption of the Paris Agreement, we have been strengthening our national efforts towards the implementation of the Agreement and the Marrakech Call for Action,” and Nigeria had already ratified the Paris Agreement in May 2017, President Buhari, however, said the country’s “Nationally Determined Contribution to reduce our emission by 20% by 2020 and 40% by 2030,” cannot be attained alone.
According to him, “having just come out of recession we are under no illusion of the challenges that we face in Nigeria.”
President Buhari said “Nigeria recognizes that ensuring sustainable funding is a major constraint in efforts to implement the Nationally Determined Contribution,” adding that “to respond effectively to climate change mitigation and adaptation challenges, critical mass of financial resources beyond what we can provide from our national resources will be required.”
On steps Nigeria has taken to meet its national goal in this respect, he said the country has “embraced the issuance of the green bond as an innovative and alternative source of projects funding that would help reduce emissions and provide robust climate infrastructure, such as renewable energy, low carbon transport, water infrastructure and sustainable agriculture in line with the Paris Agreement.”
In furtherance of efforts to deliver on the country’s pledges, the President said the government was “tightening the existing governance structure in Nigeria for more effective implementation of climate change activities, including the additional responsibilities that are consequent on the adoption of the all-encompassing climate change treaty.”
He also stated that “Government is actively promoting technologies and practices such as sustainable land management, climate resilient agriculture, water efficiency, clean energy, and skills for reducing greenhouse gas emissions among others,” noting that sustaining these efforts will also require external support.
Other measures required, he said, included “accelerating Research and Development on facilitating Access to Climate Friendly Technologies, through technology pooling and collective approach to financing Research and Development, regulating restrictive practices in licensing agreements and anti-competitive uses of Intellectual Property and International Declaration on Climate Technologies.”
According to the President, “In Nigeria, we are looking at insurance-based proposals to deal with loss, damage and adaptation to the poor, vulnerable and hard-to-reach groups. Risk mitigation through insurance must benefit those groups who currently have negligible access to any form of indemnity coverage. Vulnerable groups will also benefit from new technologies and ways to make insurance schemes affordable, including through long term premium support.”
Recognising that “the adverse impacts of climate change such as temperature rise; erratic rainfall, sand storms, desertification, low agricultural yields, drying up of water bodies like Lake Chad, gully erosions and constant flooding are a daily reality in Nigeria,” President Buhari admitted that highly vulnerable communities lack the capacity to cope.
He said Nigeria would require external assistance in the following areas: “A long term solution for a source of clean power, which can be achieved through private investments to create economic competitiveness for industrialization, job creation and agricultural programmes throughout the country; and the inclusion of Nigeria in Climate Regional Programmes, especially strong financial support to our planned project for the replenishment of the Lake Chad.”
The President noted that “this long term solution will ensure sustained livelihood for rural and urban communities, and permanently address the conditions conducive to the spread of violent extremism and terrorism, and stem illegal migration especially of our youths abroad.”
In acknowledging that the external support must be sustained on a long term basis, President Buhari emphasised that “the changes that Nigeria and other developing countries need to make cannot be undertaken overnight.”
He said some fundamental restructuring of our economy was required, adding that “in this process, technology will be a powerful tool to simultaneously address climate change and advance development.”
The President said he looked up to the developed countries to jointly take a leading role in mobilising support for this action plan on addressing the challenges of climate change within the framework of the General Assembly of the United Nations.
In their remarks, the three co-chairmen of the plenary session, the United Nations Secretary-General, Antonio Guterres, the World Bank President, Jim Yong Kim, and the French President, Emmanuel Macron, stressed the imperative of a global comprehensive and speedy action, including private sector financing against the devastating impact of climate change.
President Buhari had before the summit, attended a luncheon hosted by his French counterpart in honour of visiting Heads of State and Governments at the Elysee Palace.
Femi Adesina
Special Adviser to the President (Media & Publicity)
December 12, 2017
Press Release: Massive Reception In Kano, Clear Message To The Opposition – President Buhari
President Muhammadu Buhari on Wednesday night declared that the massive reception that greeted his arrival in Kano for a 2-day working visit “is a message to the opposition’’ that his popularity in the region remains unshaken.
Speaking at state dinner held in his honour, President Buhari was full of thanks and gratitude to the government and people of Kano for the very warm and peaceful reception.
”I am overwhelmed with the massive reception I have received and definitely since this is partisan politics, I think it has sent a clear message to the opposition.
‘‘Even going by the details of the election results in 2003, 2007 and 2011, it was very clear that nobody could even dare to rig my scores from the elections in Kano.
‘‘It has been so consistent and I don’t think I have the vocabulary to express my thanks to the people of Kano.
‘‘I am very grateful to God and the people of Kano for the complete trust you have in me,’’ he said.
The President noted that during his drive around the city on Wednesday to commission several projects, he observed that many of those who thronged the road to welcome him were very young people.
He pledged that as a person in a position of authority, his priority is to provide a meaningful future for the teeming youths in the country through education, and the faithful management of the economy and resources.
The President congratulated Governor Abdullahi Ganduje on his development strides in the state and urged other political office holders to emulate and support the state governor.
‘‘He is a great politician and I am afraid I am still learning,’’ the President remarked.
President Buhari reaffirmed that his message at his inaugural address, “I belong to everybody and I belong to nobody,’’ will continue to guide his stewardship to the Nigerian people.
‘‘My problem is Nigeria and I have been involved in almost all the instability Nigeria experienced: the civil war, the coups, and counter-coups. That was why I said during my swearing-in that ‘I belong to everybody and I belong to nobody.'”
‘‘Nigeria is my target and I will continue to maintain focus,’’ he said.
Garba Shehu
Senior Special Assistant to the President (Media & Publicity)
December 7, 2017
Press Release: President Buhari Signs Three Bills
President Muhammadu Buhari on Tuesday, December 5, 2017 assented to the following Bills:
1. Federal College of Dental Technology and Therapy (Establishment) Bill, 2017. The college to be sited in Enugu, is to provide courses of instruction leading to the award of degrees, diplomas and certificates in dental technology, dental therapy and related courses.
2. Air Force Institute of Technology of Nigeria (Establishment) Bill, 2017. The Institute to be situated in Kaduna, is to give technical training to the personnel of the Nigerian Air Force and other services of the Nigerian Armed Forces, Nigerians and citizens of other African countries.
3. National Intelligence Agency Pensions (Establishment) Bill, 2017, is to administer the pensions scheme for personnel of the Agency, sequel to the exit of the Agency from the application of the Contributory Pension’s Scheme under the Pension’s Reform Act, 2004.
Femi Adesina
Special Adviser to the President (Media and Publicity)
December 6, 2017.
Press Release: Buhari Commends Guards Brigade For Professionalism
President Muhammadu Buhari on Tuesday in Abuja commended the Guards Brigade for demonstrating a high-level of discipline and professionalism expected from officers and men of the Nigerian Army.
Speaking at the decoration ceremony of the Commander, Guards Brigade, Brig-Gen. Musa Yusuf as Major-General, President Buhari said it was instructive that the senior officer displayed a high level of discipline during his two-year stint as Commander.
‘‘I congratulate the Brigade Commander for his achievements these past two years.
‘‘I never received any serious report of indiscipline in your formation that is in-charge of my security.
‘‘I hope you will get a command that will complement your experiences in the political headquarters.
‘‘I congratulate you very much for making it to this new rank at a very competitive time. I know there are so many Generals but when you go to the records you pick the best and place them at very strategic appointments,’’ he said.
The President expressed confidence that Major General Yusuf will bring his experience in the field as a former Guards Brigade Commander to his next posting, as directed by the Defence headquarters.
Recounting his days as a military officer, President Buhari said officers earned the respect of their colleagues because of their intellectual disposition and experience in the field.
‘‘An officer is what he is when he gets into the field. Certainly, there was the need for intellectual officers but then what you do in the field is what earns you respect from those who are under you,’’ he said.
In his remarks, Yusuf while reaffirming his “unalloyed loyalty and that of his troops to the President and Commander-in-Chief,’’ thanked President Buhari for the honour of decorating him with his new rank.
He conveyed the appreciation of his troops in Keffi, Nasarawa State and those at Gwagwalada, in the Federal Capital Territory to the President for the renovation works in the barracks.
In Keffi, this is the first time in the last 25 years that 14 blocks of accommodation for soldiers are being renovated; he said adding that in Gwagwalada, the Chief of Army Staff approved funds for renovation works in the barracks to make it habitable.
Born on November 6, 1966, Major General Yusuf had served as a member of Nigerian contingent to UN peacekeeping missions abroad including United Nations Mission in Eritrea-Ethiopia (UNMEE) and United Nations Mission in Sudan (UNAMID).
He also served in ECOMOG and Operation Harmony in Bakassi, among several other appointments in army units and formations in the country.
A graduate of Chemistry from the Nigeria Defence Academy, he holds Master’s Degree in Transport Management and additional Master’s Degree in Strategic Studies.
Femi Adesina
Special Adviser to the President
Media & Publicity
December 5, 2017
Press Release: President Buhari, Five African Leaders Demand for Resolution of Togo’s Political Instability
President Muhammadu Buhari and five other concerned West African leaders have called for an immediate roadmap to pave the way for negotiations between the Togolese government led by President Faure Gnassingbe Eyadema and the opposition movement.
The urgent demand by the leaders came at a meeting to discuss the situation in Togo, which ended early on Thursday in Abidjan, on the sidelines of the African Union-European Union Summit.
The Presidents of Cote d’Ivoire, Ghana, Burkina Faso, Benin Republic and Guinea Conakry, attended the meeting with President Eyadema.
The West African leaders asked the parties in Togo to urgently negotiate, without ‘‘any preconditions’’, and resolve the impasse in the interest of the well-being of the country and the region at large.
Recall that President Eyadema had given himself a deadline of Friday to provide the basis and framework for negotiations in response to the increasing list of demands put together by the opposition movement seeking to oust him from power after 12 years as President.
His late predecessor and father, Gnassingbé Eyadéma, was the President of Togo from 1967 until his death in 2005.
Garba Shehu
Senior Special Assistant to the President for Media & Publicity
November 30, 2017
Speech: VP Osinbajo’s Remarks At The 6th Presidential Quarterly Business Forum For Private Sector Stakeholders
Let me again thank you all for your attendance at this Quarterly Business Forum on agriculture, agribusiness, and the agro allied value chain. I think we are at a special moment in our journey to food security, and to becoming a power of sorts, especially of processed agricultural products in particular.
We are in a special moment because the Federal Government has shown commitment towards agriculture and entire value chain. We have seen enthusiasm of all the players, including the small farmers all across the country.
Getting feedback concerning issues that have been raised, there is cheaper credit, and the President directed that we set up a small committee to look at the issue of intervention funds in agriculture. It is clear, that we are not able to bring down interest rates overnight, the way out is by some kind of intervention agreement.
I chair a committee to look at how to monitor and use intervention funds. We will ensure that the funds go to the right people and also monitor the use of the funds. We are also refining the Anchor Borrowers’ Programme, and other intervention schemes that we have.
Listening to questions concerning lower tariffs, we must pay higher tariffs, these sorts of things are inevitable. What we are trying to do is not increase tariffs for now, but how we can ensure we clean up the entire value chain. I’m sure you are aware of the Payment Assurance Guarantee which we put in place for over N700billion to ensure gas is paid for and for liquidity in the whole value chain.
Today, we will be meeting with the World Bank on a scheme they have been working with us on to fund the entire value chain, and ensure we transit smoothly from where we are, to a much more market-determined policy for electricity. This will involve a fair amount of subsidy and help the Federal Government and World Bank are working together on that. There is no way of sustaining the current subsidies long term, but we want to ensure the process is smooth.
Dealing with the gridlock in Apapa port, the first thing to recognize is that the port is meant to be a 34 million metric tonnes capacity port. Now it is doing 80million metric tonnes, so it is obviously a port far too small for the size of business it is doing.
We have met with all of the important stakeholders, asides from those who do their business there like Flourmills, Dangote and BUA. We have also met with the Navy, Police, NPA, Lagos State Government, all federal agencies working in the ports and port concessionaires.
At our last meeting, we worked on a number of initiatives and agreed on a number of things that have to be done. I went personally to see for myself what was going on in the port area. There is a major problem there, but everyone has agreed on what to do and there is a plan which we are executing. Nothing would happen overnight, but we have a good plan that will make it work.
We have taken a number of decisions; empty containers are to be relocated to holding bays, shipping companies would no longer be allowed to operate holding bays within the port, tank farms would not to be permitted within the Apapa area and process licensing access to trailer parks by NPA to commence. A task force has been set up to manage traffic within the Apapa and Tin Can Island environs.
The PEBEC team has been monitoring what’s going on and we are watching closely to solve the problem. As you can imagine, it is a long running problem and the roads in that neighborhood are extremely bad but we are trying to fix them.
We agreed that Dangote Group will carry out palliative works and reconstruction of some major sections of the Apapa road, which is expected to be completed by June 2018. Procurement processes have also been concluded for construction of Liverpool road to Tin Can, to Mile 2, Oworonshoki up to the toll gate. The Honeywell Group has committed to construct a trailer park, they have started and will complete it very shortly. BUA Group agreed to do the works around the Tin Can Island road. We have it in hand, and we are watching and following up on it.
On excise duty, I have read the PWC study, which goes in one particular direction. And being a professor and having read several studies, I know how studies can generally represent the point of view that you prefer. We will consult the study, and make sure that this does not hamper business and raise costs in any way to discourage production.
On poultry, we go back to the problem around smuggling and what to do when supply does not meet demand. There is a huge demand for poultry and despite local production, people are still buying imported poultry. Just as we did, with tomatoe paste industry, we must work something out with poultry. In developing the policy for the tomatoe industry, we were quite sure of what it would take to bring local production to the point where cost don’t go high because we are banning imports. We have got a fair balance and soon all will see the policy as a good one. With poultry, it is a similar situation, it is something we must work on and the Honourable Minister of Agriculture will work on that, so that we can get some sort of balance.
Smuggling is a serious threat to our economy, and Mr. President has asked me to head a team to work out what needs to be done. We are making the point to our neighbors, that smuggling is an existential threat, we can’t permit the level of smuggling going on.
Last year, there was over 500,000 metric tonnes of rice around Christmas, which the Minister of Agriculture told us about and how it came in through one of our neighbours, but we blocked it.
Now, three shiploads of rice have left Thailand, 120,000 metric tonnes, going to this same neighbour of ours who have very large warehouses where they store this rice. It is very clear that this rice is for us because our neighbours don’t consume parboiled rice, they consume the white broken rice. It is clear that our neighbours do excellent business, with allowing rice to come into Nigeria and other products including poultry
I think it is important for us as a country, to make the point clear, that we are not going to accept that. We are all within the same economic zone and work together, so we go in a friendly and polite manner as possible, to ensure that this practice stops.
For those who are familiar with it, the duty in some of these neighboring countries, especially for rice, is deliberately set lower than ours, it is about a fourth of ours. We have increased duty tax so as to discourage importation but they would naturally drop duty to encourage import and then it would come to Nigeria.
I think we are at a point where we are making a fair amount of progress with the land issues also with the State Governors. It is not a problem we can solve overnight. For titling of land, banks find it difficult to accept lands just as it is, banks won’t accept the lands without titles, one of the issues we are working with State Governments is to ensure titles are done effectively and effectively as quickly as possible. Lagos, Kano and Rivers are working very well with us.
We have an Ease of Doing Business initiative for the sub-nationals, and at the moment, a road show is going on, trying to encourage State Governments to work with us. There is no national policy on land titling.
With respect to land clearing, we have heard from BOI and Minister of Agriculture on how we need to assist States, particularly the Southwest, to ensure that we support land clearing.
I have noted the suggestions that have been on a standing -consultative forum on agriculture and agri-business. This will be extremely useful and we should do. How we should go about it will be left with the Minister of Agriculture and Minister of Industry, Trade and Investment to work those out.
So let me again express my gratitude to your all for you time and for all of what you have done to make the Nigerian economy work well. All of us know how difficult it has been, but I am encouraged by the efforts which individuals, associations and groups are making to improve things, our circumstances and our situation as an economy.
We are all firmly of the view that this country can do a lot more than what it is doing if we get the infrastructure and incentives right. This country can be one of the major agriculture and agric-business centres in the world. I am sure if we work together we can achieve all of that.
Fundamental to our economic policy is private sector leadership, and we have emphasized that time and time again. We have tried to establish several public – private sector platforms including this one, the quarterly business forum. The constant engagement in my view is the way to go. If we continuously engage and interact this way, we will resolve most of the problems that stand in the way of our becoming the great economy that our country surely has the potential to be.
Thank you once again, and I hope that you will be able to spend a few minutes at lunch.
Thank you.
Released by
Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
November 27, 2017
Press Release: Buhari-Administration’s Social Investment Programmes in the Niger Delta
The Buhari administration, in line with its New Vision for the Niger Delta to develop it, will integrate more youths in the region in its Social Investment Programmes, particularly the N-Power and the Government Enterprise Empowerment Programme (GEEP), according to Vice President Yemi Osinbajo, SAN.
Prof. Osinbajo said this will help reduce unemployment by creating more jobs for young graduates, as well as providing additional assistance for entrepreneurs and artisans in the region.
The take-off of the Maritime University, Okerenkoko, Delta State, ongoing process of licencing for modular refineries and the Ogoni clean-up are indications of the Federal Government’s resolve to ensure the long-term development of the region, while it will also continue to engage with stakeholders to ensure continuous peace and security in the region, the Vice President added.
Prof. Osinbajo said this on Thursday when a delegation of ambassadors from the US, UK and the European Union (EU), led by Mr. Ketil Karlsen, paid him a courtesy call on Thursday at the Presidential Villa, Abuja.
The Vice President noted that the Federal Government has made a lot of efforts in engaging the communities and towards improving peace and security in the region since President Muhammadu Buhari first met with Pan-Niger Delta Elders Forum, PANDEF, and stakeholders in the region last year November.
Prof. Osinbajo further emphasised that the Buhari administration’s New Vision for the Niger Delta is aimed at developing the region through its partnership with state governments, the local communities and private sector.
The Vice President noted that the vast majority of people in the region want sustained peace and security.
He said, “Our engagements with PANDEF and various groups in the Niger Delta is a continuous one; an Inter-Ministerial Committee was set up for this. Practically every other week, we are in some form of engagement or the other. The overriding motive is that of those who wish to see progress in the region. What we have been doing so far is to ensure that we meet the demands of the people for development.
“The Maritime University has practically taken off, we have placed advertisement for staff; the sum of N1 billion has been given by the Federal Government, and there is N5bn allocation for the University included in the 2018 budget. Also, a lot has been done in the ongoing Ogoni clean-up process.”
In his remarks, the Ambassador/Head of the EU Delegation, Mr. Ketil Karlsen, commended the Vice President for his personal leadership in driving engagements and the Buhari administration for its efforts in promoting peace, security and development in the region.
“We acknowledge that significant progress has been made, in the Ogoni clean-up process, Maritime University, and the development of a Strategic Implementation Work Plan for the Niger Delta. We are also encouraged by the peace-making efforts,” Karlsen said.
While adding that the EU will look at ways of providing support for the Maritime University, Karlsen noted that it was important for the Federal Government to sustain its long–term commitment in order to build trust with people in the region.
Also present were the Minister of Foreign Affairs, Geoffrey Onyeama and Minister of Niger Delta Affairs, Usani Uguru Usani.
Other representatives of the EU at the meeting include the French Ambassador, Denys Gaver; Italian Ambassador, Stefano Pontesilli; Netherlands Ambassador, Robert Petri; German Deputy Ambassador, Regina Hess; EU Deputy Head of Delegation, Richard Young; as well as British High Commissioner to Nigeria, Paul Arkwright; and the US Ambassador to Nigeria, Stuart Symington.
Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
24 November 2017
Press Release: FG Set to Improve Infrastructure
President Muhammadu Buhari has emphasized the determination of his administration to speed up the improvement of aviation infrastructure in the country for the benefit of the country’s economic development.
Speaking while receiving the President of the International Civil Aviation Organization (ICAO), Muyiwa Aliu, at the State House, Abuja on Monday, President Buhari declared his total support and commitment to work with regulatory agencies in the aviation sector to make air travel safer throughout the country.
The President, who received three awards recently won by Nigeria from ICAO, expressed delight with the high ranking accorded Nigeria in safety and security at the airports, following measures put in place to address gaps in airport security.
On the setting up of a national airline, President Buhari said he was under tremendous pressure from many patriotic Nigerians desirous of establishing one.
“I equally support a national airline for both patriotic and economic reasons. We have enough trained citizens including pilots and engineers. But Nigerians need to know how we lost the one we had before,” he said, referring to the defunct Nigeria Airways.
The Minister of State, Aviation, Hadi Sirika, who led the ICAO delegation, informed President Buhari that the Nigeria was hosting the meeting of International World Aviation Forum in Abuja starting on Tuesday, the first time such conference will hold anywhere outside Montreal, Canada.
He said over 40 aviation ministers and representatives from 70 countries, the World Bank, African Development Bank, manufacturers of planes and aviation equipment will attend this year’s conference focusing on “Financing Development of Aviation Infrastructure.”
The President of ICAO, who is a Nigerian, commended President Buhari for fast-tracking policy initiatives that changed the fortunes of air travel in Nigeria, describing the reconstruction of the runway at the Abuja airport as a rare feat.
On behalf of the ICAO, Mr Aliu presented a certificate of recognition of the School of Aviation, Zaria as a regional center of excellence; the certification of both Abuja and Lagos airports which have attained ICAO standards for the first time in history, and another certificate marking the attainment of the International Organization for Standardization ISO 9001, 2015 by the Nigerian Meteorological Agency.
Garba Shehu
Senior Special Assistant to the President (Media & Publicity)
November 20, 2017.
Press Release: Press Release: The National School Feeding Programme now feeds over 5 Million Pupils Daily; Collaborates with Ministry of Health for De-worming Exercise
In furtherance of its goal to tackle poverty and hunger, and to create jobs for Nigerians in line with its inclusive growth plan, the Buhari administration’s National Home-Grown School Feeding (NHGSF) Programme is now in 19 states across the federation. They include Anambra, Enugu, Oyo, Osun, Ogun, Ebonyi, Zamfara, Delta, Abia, Benue, Plateau, Bauchi, Taraba, Kaduna, Akwa Ibom, Cross River, Imo, Jigawa and Niger states.
So far, over five million pupils (5,226,039) in 28,249 schools in these states are currently been fed under the programme, while Kano and Katsina states are expected to be added to the beneficiaries states in the coming weeks.
Also, over 50,000 cooks are currently engaged under the programme.
The school feeding programme, which is part of President Muhammadu Buhari administration’s N500 billion National Social Investment Programmes, NSIP, has a target to feed 5.5 million schoolchildren by the end of 2017.
Meanwhile, the School Feeding Programme is collaborating with the Federal Ministry of Health to deliver an integrated deworming programme for pupils in all public primary schools classes 1 to 6 across 17 states currently under the NHGSFP in the country.
At least 243 Local Government Areas will benefit from the deworming exercise in the 17 states, including Abia, Akwa Ibom, Enugu, Niger, Osun, Bauchi, Jigawa, Katsina, Zamfara, Anambra, Benue, Imo, Kano, Kaduna, Ebonyi, Delta and Plateau states.
The integrated programme, which is scheduled for the first and second week of December in these states, will deliver three different drugs for the treatment of diseases endemic to specific states; particularly schistosomiasis; soil-transmitted helminths and river blindness/onchocerciasis. The drugs to be distributed are Albendazole, Ivermectin and Parazaquintel.
Supported by the Federal Government, three facilitators would be within the states for the period to achieve these objectives and ensure that the pupils in these states are dewormed.
Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
20 November 2017
Press Release: Presidency Welcomes Latest GDP Figures
In a clear indication of ongoing progress, the Nigerian economy has improved further, according to the latest GDP figures just released by the National Bureau of Statistics, with oil, agriculture and industrial sectors leading the charge.
The Buhari administration welcomes the new growth figures, and will continue to work diligently on a daily basis to ensure inclusive growth, to which we have always been committed through the active pursuit of a raft of policy initiatives, past and present.
Such initiatives include but not limited to the Social Investment Programmes, Anchor Borrowers Scheme, longstanding Budget Support Facilities to the States, plus other bailout packages, ensuring the comprehensive payment of workers’ salary & pension backlogs among others. Equally, the Federal Government will be ramping up the implementation pace of the Economic Recovery & Growth Plan.
Below is the Statement of the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, after the Q3 figures were released:
“The latest NBS GDP figures show that the Nigerian economy grew by 1.4% year-on-year in real terms in the third quarter of 2017 (Q3 2017). This is a steady continuation of the positive growth of 0.55% (now revised to 0.72%) experienced in Q2 2017 and reinforces the exit from the 2016 recession.
“The positive growth in Q3 is consistent with the improvements in other indicators. Foreign exchange reserves have risen to nearly $34 billion while stock market and purchasing managers indices have also been positive.
“The naira exchange rate has stabilised while inflation has declined to 15.91% from 18.7 in January 2017. While inflation is not declining as fast as desirable, it is approaching the estimated target of 15.74% for the year in the Economic Recovery and Growth Plan.
“Agricultural growth was 3.06% in the third quarter of 2017, maintaining the positive growth of the sector even when there was a slow-down in the rest of the economy.
“The industrial sector grew at 8.83% mostly due to mining and quarrying. The oil sector grew very strongly as forecast in the ERGP and partly as a result of the policy actions in the plan to restore growth in the sector.
“The service sector is yet to recover but should soon begin to be positively affected by the improvements in the real economy and the effects of the dedicated and focused capital spending of over N1.2 trillion on infrastructure by the Federal Government.
“It is expected that the economy will continue to grow given these developments and the reform, and improvements in the business environment shown by the upward movement of 24 places in the recently released World Bank’s Ease of Doing Business Rankings which was better than the target of 20 places specified in the ERGP.
“The overall picture that emerges is that the economy is on the path of recovery. As inflation trends downwards, and with steady implementation of the ERGP, real growth should soon be realised across all sectors in a mutually reinforcing manner.”
Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
20 November 2017