FG disbursed N1.91tr to states as financial support – Osinbajo

Investment forum

Vice President Yemi Osinbajo says the Federal Government has disbursed a total of N1.91 trillion to various states in form of financial support.

Vice President Yemi Osinbajo, declaring open, gthe 4th Ogun State Investment Forum in Abeokuta

Vice President Yemi Osinbajo, declaring open, the 4th Ogun State Investment Forum in Abeokuta

Osinbajo made the revelation at the opening of the Ogun State Investors’ Forum 2018 on Tuesday in Abeokuta.

The Renaissance reports that the theme of the Forum is: ”Consolidating the gains, Accelerating growth”.

The VP said the financial supports include the Anchor Borrowers Programme (ABP), social investment intervention, budget support facilities and fertiliser intervention programme.

He said it was the federal government’s lifeline to help states cope with the shock of a drop in the crude oil price.

According to him, President Muhammadu Buhari-led administration is concerned with the growth of every state in the country, irrespective of its political leaning and regard every state as a partner in progress.

”On our part, the federal government will continue to do everything within our power to support every state in Nigeria to reach its full economic potential.

”It is gladdening to note that Ogun state has been consistently enthusiastic in its reception of our hand of cooperation.

”In recent history, it would be difficult to point to a government that has been more supportive of the development of the ambition of states as the Buhari administration.

“We’ve been especially attentive and responsive to their needs and wishes and have treated state governments, regardless of partisan affiliation as partners,” Osinbajo said.

The forum, which is the fourth in its series, had in attendance, former Mexican President, Felipe Calderon, Ministers of Finance and Agriculture, Kemi Adeosun and Audu Ogbeh, private sector representatives, captains of industry and investors, both local and foreign.

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Speaking at the event, Adeosun, who is also a former commissioner for finance in Ogun state, said that Nigeria’s economic outlook for the year 2018 and beyond, is positive and the nation is targeting seven percent growth in the next three years.

Adeosun stated that the country was now resilient after exiting recession and has the potential to achieve a seven per cent economic growth in the next two to three years.

She added that the current administration had succeeded in building macroeconomic resilience for the country, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.

“President Muhammadu Buhari has laid the foundation for the repositioning of the economy with a series of reforms which are being sequenced to ensure maximum impact and benefits to Nigeria and the citizens.

“These include massive investments in infrastructure and social welfare across the country, improved revenue mobilisation, a rebuilding of foreign reserves and stabilisation of exchange rate,” she said.

In his own remarks, the Minister of Agriculture and Rural Development, Ogeh, urged other states to come up with policies and programmes that would help diversify Nigeria’s economy.

He commended the Ogun State government’s efforts at reviving agriculture in the country.

Gov. Ibikunle Amosun in his address assured prospective and long-standing investors in the State of adequate security and safety of their investments with bountiful profits.

Amosun said that the state had improved and maintained an enabling and secured environment for businesses to thrive, while his administration since inception had made significant investments on security, infrastructure and architecture, with strong collaboration with security services to protect the lives and properties of the populace.

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He added that the improved business environment and transformation across the State was a result of the concerted efforts and commitments of his government and this has made the State a reference point among the comity of States in the Country.

“Our improved business environment remains a solid foundation for our new status as the industrial capital of Nigeria, I assure our existing and prospective investors of the safety of their investments in our dear State, and as a matter of fact, the legacy we will be leaving behind will not only nurture your investments but also sustain them with a guarantee of bountiful returns.”

He disclosed that 148 new industries had been attracted into the State with a minimum of $200 million, and in excess of $2 billion, making it a total number of 304 industries across the state.

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