President Muhammadu Buhari, has on Wednesday, September 21, said that the Federal Government will invest substantial part of its foreign and local loans into the development of critical infrastructure.
The President, stated that borrowed funds will be judiciously utilized to revive stalled Roads, Rail, Power, Port Projects, and in Agricultural Initiatives, that will significantly boost the domestic production of food, and end economic recession.
Buhari disclosed this in an article published in Bloomberg International titled, ‘Making Africa Rising a Reality’.
According to Buhari, the long old thinking about Africa as a continent with a promising potential, has given way to more questioning concerns.
“Unlike in the past when borrowed funds were frittered away on unproductive ventures, we will ensure their investment in the revival of stalled road, rail, power and port projects, and in agricultural initiatives, that will significantly boost domestic production of food.“For far too long we have under-invested in infrastructure, the most critical element for creating sustainable economic growth. The net effect: an avoidably high cost of doing business in Nigeria,” he stressed.Buhari added: “We have begun raising a $1 billion Eurobond, our first in three years. We are also raising debt from the World Bank, the African Development Bank, the Chinese Exim Bank, and other development finance partners.”
The President, noted that since the signing of the 2016 budget into law, government has released about N400 billion for various infrastructure projects.
The President, added that rather than lament on the current economic challenges, government will not be distracted.
He challenged other African leaders, to see the fall in oil and commodities, as an opportunity to create new areas of wealth, that would guarantee the well being of citizens.
“The journey ahead remains long and difficult. Our double-digit inflation, currency turmoil, and downgraded ratings will not vanish overnight.“But the real story here is not the challenges, which are all too visible, but the opportunities. We have learned the necessary lessons. We will ensure that Nigeria does not slip back into a lazy and dangerous dependence on the price of crude oil.“We will continue to insist on transparency and accountability in the use of government funds. And we will build an economy that prioritizes the ease of doing business and investing, and that thrives on the entrepreneurial energy and ingenuity of our people….“The months ahead will show not only that Nigeria is on the rise, but that this “Rising” is real and lasting, one that touches not just the statistical databases, but the lives of the people who elected us to deliver positive change.”
In a related development, the Federal Government will soon embark on wide ranging reforms, expected to provide a favourable environment for businesses in the country.
Buhari, who disclosed this in New York, said Vice-President, Yemi Osinbajo will soon make public the reform strategies, affecting the Nation’s Ports, and issues relating to visa on arrival.
Like Us on Facebook!
Do You Need a Sugar Mummy, Sugar Daddy, Girlfriend, Boyfriend Wife or Husband? If Yes, Then Click Here For Details
0 comments:
Post a Comment