The Federal Government has reiterated its commitment to collaborating with states to strengthen the capacity for mobilising domestic revenue in support of vital sectors of the economy. These include health, agriculture, and SMEs, with the aim to bolster economic growth, create job opportunities for the burgeoning youth population, and mitigate poverty.
The assurance was given by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Asaba, Delta State, during the commencement of a two-day retreat for members of the Federation Account Allocation Committee (FAAC).
Edun also disclosed that the Federal Government is partnering with the World Bank on a programme aimed at facilitating an improved business environment by removing existing bottlenecks. The initiative, known as “States Action on Business Enabling Reforms” (SABER), is scheduled to run from 2024 to 2026.
The theme of the retreat, “Creating Resilient Economy through Diversification of the Nation’s Revenue,” was declared open by Delta State Governor Sheriff Oborevwori, represented by his deputy, Monday Onyeme.
Speaking on the ongoing economic reforms, Edun acknowledged the hardships faced by Nigerians due to the high cost of living and informed that the government is steadfast in its efforts to ensure economic recovery, inclusive growth, and development.
Furthermore, he highlighted the implementation of palliative measures to alleviate the unintended economic consequences of the reforms.
During the opening ceremony, Gov Oborevwori reflected on Nigeria’s historical struggle with economic diversification, emphasizing the need for urgent action in light of present challenges including the COVID-19 pandemic, high inflation, macroeconomic instability, foreign exchange rate volatility, and a rapidly growing population.
He underscored the imperative for economic diversification in the face of the global transition to renewable energy, stressing its critical importance for sustainable economic growth and the future of Nigeria.
Collaborative Efforts for Economic Growth
The commitment of the Federal Government to collaborate with states for the development of vital sectors and economic diversification, as reiterated by Minister Wale Edun, signals a pivotal step towards sustainable economic growth in Nigeria. The focus on mobilising domestic revenue to support key sectors such as health, agriculture, and SMEs not only showcases a proactive approach to economic development but also underscores the importance of inclusive growth and poverty alleviation.
The collaborative programme with the World Bank, “States Action on Business Enabling Reforms” (SABER), is a significant stride towards providing an enabling environment for business operations by eliminating existing constraints. This initiative, spanning from 2024 to 2026, holds the potential to attract investment, spur entrepreneurship, and enhance the overall ease of doing business in Nigeria.
Furthermore, the acknowledgment of the challenges faced by Nigerians and the government’s assurance of concerted efforts to mitigate these challenges demonstrates a commitment to the welfare of the populace amid economic reforms. The deployment of palliative measures to cushion the impact of the reforms reflects a responsive approach to addressing the immediate concerns of the citizens.
As highlighted by Governor Sheriff Oborevwori, the historical struggle with economic diversification and the present imperatives underscore the pressing need for concerted efforts towards building a resilient and diversified economy. The recognition of the urgency to adapt to global transitions and the implications for future generations accentuates the significance of current actions in shaping Nigeria’s economic trajectory.
Ultimately, the collaborative endeavours between the Federal Government and states, in conjunction with international organizations, stand as a testament to the multifaceted approach required to drive economic growth, foster resilience, and lay the foundation for a sustainable and diversified economy.
