Creating an enabling environment for businesses is our major priority-Ahmed

*As Afeximbank calls for improved trade exports in Nigeria

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the federal government is basically concerned with creating an enabling environment for businesses to grow.

The minister stated this while making her contributions as a panelist during the opening ceremony on the Nigerian Economic Summit in Abuja on Tuesday.

The plenary discussion had the theme “Building a Secure Nigeria: Key Priorities for Economic Growth and Inclusion”

She said government is creating enabling environment because that’s the role of government, and the president has stood out in that especially in the area of food security.

She continued by saying “Progress has been made in virtually every sector and all the states have been keyed into and it.

“In terms of improving business environment, one key thing is the innovation brought about in the finance bill 2019 and 2020 which has supported MSMES through zero tax rate for small business and other incentives.

“It is important for us to ensure that MSMEs are positioned to grow. We knew resources will be a challenge, so we created the infrastructure scheme to allow private businesses to use their resources to build roads and recover their investment over time.

“Also, the finance bill has been instrumental to eliminate fraud and automation of tax collection especially in the collections of VAT.

“As of August 2021 116 per cent of non-oil revenue which is above the target, this is because of efforts to see that we have alternative sources of revenue asides the oil and gas,” the minister said

On Nigeria’ s national development plan 2021-2025, she said the plan has been all-inclusive, as the states and the federal government, women, youths and the private sector have been engaged.

She said the Federal Government are ensuring that policies are tied to the national development plan and that Nigeria have a realistic macro economic framework

“Also the plan is in 6 thematic areas of social development, infrastructure which will deal with all aspects of development in agriculture, oil and gas as well as inclusiveness in the business environment.

“Government has limited resources which is why it is reaching out to private sector which is why the InfraCo was set up in collaboration with the private sector,” she added.

On borrowing, she said “Nigeria had to borrow more than it planned, and we are uncomfortable borrowing that quantum,however we are planning that the borrowing is scaled down in the few years.

“Also I have to state categorically that our borrowing is guided by law and legislation,” the minister further stated.

Also in his contributions, the President of the African Development Bank,

Prof. Benedict Oramah said there is a need for the urgency to scale up Nigeria’s trade and export volume
He lamented that “Nigeria now has 18 per cent of the global population but accounts for less than 3% of global trade and GDP and always have the lowest contributions to trade.”