This is in addition to a N50 billion Farm Mechanization Support Fund set up by the Central Bank to establish 1,200 agricultural equipment-hiring enterprises.
Both funds will become fully operational this year. Policies and programmes such as these to boost agricultural production remain topmost on the agenda of this administration.
Being very conscious of the inherent perils of our over-reliance on income from crude oil exports for national development, we have focused on accelerating the diversification of our economy.
The non-oil Sector which has grown by an average of 8% in the last few years, is now a major driver of growth in our economy.
The 2015 national budget, which is now before the National Assembly, is targeted at deepening our efforts at becoming a non-oil economy.
The budget also includes measures to ensure that the downturn in the price of oil does not affect our development plans and our national economy too adversely. We are adjusting our financial processes to safeguard our economy. We are also taking steps to ensure that the poor and the low and medium income earners do not bear the brunt.
In 2015, this administration will continue to lay the foundation for a vibrant economy that attracts significant Foreign Direct Investment and promotes policies that ensure economic stability.
We will ensure stability in the value of the Naira by striving to take away speculative behaviours that cause market exchange pressures.
We will continue to build and maintain a healthy external reserves position and strengthen fiscal buffers. We will ensure the Naira remains strong, and gives foreign investors the clarity and certainty that they need, to guide future investment decisions.
We will continue to improve our payment systems and strengthen risk-based supervision mechanism for Nigerian banks to ensure overall health and stability of the banking system.
We are introducing a broad spectrum of financial instruments to boost sector-specific enterprise areas in agriculture, Micro, Small and Medium Scale Enterprises (MSMEs), manufacturing, and oil and gas to enhance our aggregate supply capacity, reduce poverty, promote job creation and increase the general well-being of our people.
These efforts and other measures being spearheaded by relevant Ministries, Departments and Agencies, are geared to ensure a secure future for Nigeria and create a much more prosperous country, where people live more peaceful and fulfilled lives. Fellow countrymen and women,
As we enter an election year, I assure you that our administration will remain fully focused on providing good governance and the delivery of better public services to our people.
The coming campaigns and elections will not distract us from our ongoing work to significantly improve the living conditions of our people. And I urge all tiers of government not to be distracted as well.
The elections are very important for us as a country. Their successful conclusion will further strengthen our democratic institutions and place our beloved country even more firmly in the comity of truly democratic nations.
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