FG promises incentives for investors

FG promises incentives for investors

Tuesday, February 7, 2017 11:11 pm

Udoma Udo Udoma: Minister of Budget and National Planning

The Federal Government says it will provide incentives to investors in key areas of the economy such as agriculture, energy and industrialisation.

Sen. Udoma Udo Udoma, the Minister for Budget and National Planning, gave the assurance in Abuja when a group of foreign investors coordinated by the Renaissance Capital Group visited him in his office on Tuesday.

The minister said the Federal Government would support the investors in the key areas describing it as priority areas in the government’s Economy Recovery and Growth Plan (ERGP).

He said that ERGP was adopted to take the country out of recession and put it on a path of growth and sustainable development.

Support in these three key areas coupled with massive infrastructure development will give the economy a head-start, Udoma said in a statement by his Media Adviser, James Akpandem.

“Investment in the energy sector will boost the economy of the country as power is a major driver of industrialisation.

“Investment in industrialisation, especially using local raw materials will have ripple effects on all sectors of the economy including aiding the growth of small businesses.

“It will also enhance the agriculture value-chain and provide expertise for small businesses,’’ he said.

Also speaking, the Minister of State in the Ministry, Mrs Zainab Ahmed, said ERGP would focus on private sector-led transformation.

Ahmed said the government was focusing at developing critical infrastructure by concession of the nation’s airports and seaports.

Earlier, the Chief Executive Officer of Renaissance Capital in Nigeria, Mr Temi Popoola commended the Federal Government for developing the plan.

Popoola said that he noticed a sense a responsibility from the current government towards addressing the challenges of the economy.

“We have seen a lot of honesty in addressing the problems and challenges at hand.’’

The ERGP is a follow-up to the Strategic Implementation Plan (SIP) which is a short-term economic plan to drive the implementation of the 2017 Budget.

On SIP, the government had promised to deliver a more comprehensive economic recovery and growth plan which is expected to be inaugurated by President Muhammadu Buhari.


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