Nigerian Economy
Poised For Increased Foreign Investment
The
Minister of Finance, Dr. Mansur Mukhtar, says the country is
poised to attract more foreign direct investments with the
current relative stability in the exchange and inflation rates.
Speaking at a forum in Abuja, on Tariffs and Fiscal Incentives,
Mukhtar said the macro economic outlook for Year 2010 was
promising, especially in attracting investments to the
agricultural sector.
Deepening banking reforms
He said the banking reforms would be deepened to show more
positive results, with the establishment of an Asset Management
Company. The reforms in the banking sector would facilitate the
diversification of the economy, with the agricultural sector on
top of the list.
In his words, ’’You will note that agriculture forms the
crucial component of the 7-Point Agenda of the government…It is
in that context that huge investments have been made in the last
years.’’
’’Huge investments, including the N100 billion facility
released through the natural resources fund, aimed at
diversifying the economy, will stimulate agricultural growth,
he said.
He also said there would also be investment in technology,
research and extension services.
Report from states
Governor Bukola Saraki of Kwara state, said agriculture
contributed more than 40 per cent of the GDP in 2009,
employing more than 31 million people.
He said more than six billion dollars was spent every year to
import agricultural products into the country, which could have
been committed to improving the sector.
An international farmer with investments in Kwara, Mr. Chris
Okeke, stressed the need to review the agricultural policy to be
more focused on diversification of the economy.
He said government should grant tax holidays to farmers and
create waivers for importation of farm equipment such as
tractors.
NAN/Yinka
