Vice
President, Professor Yemi Osinbajo,
and Minister of Budget and Planning, Udoma
Udo-Udoma, gave the figures at the FT Nigeria Summit on “Dispelling
Uncertainty and Building Resilience’’ in Lagos.
The
minister said the implementation of the Economic
Recovery and Growth Plan (ERGP) gave rise to the export boost, driven by
the non-oil sector. He said the agricultural sector’s export grew from N6.7
billion in 2016 to N170 billion in 2017. Yam was among the products exported.
Hmmm!!!
Folks, let us say the truth and shame the devil. Many Nigerian non-oil products
exporters have been defrauded of huge amount of money in the process of
exporting agricultural commodities and solid minerals to foreign countries. Do
you know why? They were not trained on export operations, management,
documentations and the best methods of payment in export trade. This is
terrible!!! Nigerians cannot continue to lose money to foreigners in the course
of export business. Exporters, would you like to keep on being scammed? Why
don’t you get a practical manual that explains the stages of export trade from
processing and packaging of commodities to receipt of payment by the foreign
buyers? It explains export operations, export management, export documentations
and methods of payment in export trade? Yes, it is a contemporary step-by-step
guide to export trade. It tells all the contemporary dynamics in export trade.
To get it, click on the link below:
Udoma
said solid minerals export also rose from N44 billion in 2016 to N102 billion
in 2017. While speaking on the theme:
“Delivering economic resilience,” he said the ERGP and other policies had made
great impact on the economy.
Udoma
said the country’s business climate had improved with the government focusing
on creating an environment for private sector investment. “We have tackled those issues that made Nigeria not to be
competitive in the past, such as ease of getting visas and acquiring land,
among others,” he said.
The
minister said the growth of other indices, such as foreign reserves, inflation
rate, Gross Domestic Product were encouraging and made the economy more
resilient. “We have built up our foreign reserves, in
June 2016 it was 26.51billion dollars but today it’s about 44 billion dollars,”
he said.
He
said the growth in the country’s reserves was achieved with prudent management.
He explained that the ERGP was a plan developed after an extensive consultation
and was built on the work of the previous government. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
According to him, the plan was designed to achieve more prosperous economy
where Nigerians grow what they eat.
“It is to raise the productivity of Nigeria and Nigerians. We want
to be a major engine of production where we produce enough for ourselves and
enough for export to other countries. The plan drives the budget and drives all
government activities,” he
said.
Udoma
said the plan helped the economy to get out of recession and to become
resilient. He said the country had achieved 15 consecutive months of decline in
inflation rate, which he said was still high. “It is
not where we want it to be, our target is single digit of nine per cent. It is
still too high but it is moving in the right direction,” he said. He
added that the gap in exchange rate between the parallel market and official
market was also narrowing and stabilising.
Udoma
said the administration inherited a much challenged economy that was highly
dependent on one commodity. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
He explained that over 70 per cent of government revenue and 90 per cent of
foreign exchange earnings depended on crude oil in the past.
Vice
President Osinbajo said the 51 per cent growth year- on-year was due to
aggressive tax policies introduced by the Federal Government. Speaking on
“Nigeria beyond oil- The pathway to transformation’’, Osinbajo said, “Aside from oil, tax revenues have gone up by 51 per cent in
2017. We are recording high tax revenue in the history of the country.’’
Osinbajo
said that tax to Gross Domestic Product (GDP) would be above six per cent it
used to be, going by growth recorded in tax revenue. On external debt, he
assured Nigerians that the current debt profile was still small and nothing to
worry about when compared to the GDP.
Osinbajo
said that the country’s debt to GDP was 21 per cent, compared with Ghana that
was around 70 per cent and South Africa 50 per cent, USA 101 per cent. He
stated that the country’s debt to revenue as at Nov. 2017 was 34 per cent down
from about 60 per cent in the past.
“The reason why we have the alarmists is because this is only a
snapshot, if you take a snapshot of Nov. 2017, you are not looking at revenue,
you might say that the debt is very high. So, you cannot respond to these
things by snapshot because you are not taking into account the revenue. Our
external debt is not something we should worry about, we have managed debt very
well,’’ he
said.
On
privatisation, he said that government was still committed to privatisation
exercise and was too looking at assets that needed to be privatised. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
He said that government would concession General Electric and the four major
airports in the country.
Managing
Director, Financial Times Live/Global Conferences & Events, Mr. James Gunnell, said that the summit
would further brighten Nigeria’s complex economic and investment climate.
The
summit would enable senior policy makers, major international investors, and
multilateral organisations to put forward concrete recommendations and
realistic solutions aimed at facilitating growth and overcoming the challenges
the country was facing. (The Nation)
Have you heard this? Many
Nigerian exporters have been defrauded of huge amount of money in the process
of exporting commodities to foreign countries. Do you know why? They were not
trained on export operations, management, documentations and the best methods
of payment in export trade. This is terrible!!! Nigerians cannot continue to
lose money to foreigners in the course of export business. Exporters, why don’t
you get a practical manual that teaches the stages of export trade from
processing and packaging of commodities to receipt of payment by the foreign
buyers. It teaches export operations, export management, export documentations
and methods of payment in export trade? It is a contemporary step-by-step guide
to export trade. It tells all the contemporary dynamics in export trade. To get
it, click on the link below:
Hmmm!!! Folks, have you ever
imagined how the financial status of your firm will be when more than 20,000
CEOs and other key decision makers of blue-chip corporations pay for your
products and services or even give you very juicy deals. The link below will
tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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