Buhari Seeks Inclusive Growth, Calls for Private Sector Support to Meet National Goals

By Deji Elumoye, James Emejo and Sonia Mayomi in Abuja

However, he stated that the federal government’s new development plan incorporates aspects of the National Poverty Reduction with Growth Strategy which was articulated as a guide towards achieving poverty reduction target. He added that the intention was to achieve broad-based and inclusive GDP growth in order to create 21 million jobs and lift 35 million people out of poverty by 2025.

“This is not a simple matter if we bear in mind that we are reliant on oil and gas for revenues and export earnings and yet reducing the use of fossil fuels is the frontline strategy being urged for achieving net-zero carbon emissions by 2050.” In the MSMEs space, the President said “we were also able through the MSME Survival Fund to support up to 1.1 million establishments and individuals. Particularly notable in this regard was the payroll support scheme wherein government was able to pay salaries to nearly 500,000 employees of MSMEs over a three-month period so that they could remain at work.”

He called for more public-private partnerships in the transport sector, adding that the efforts of the federal government are evident and yielding results. Chairman, Presidential Economic Advisory Council , Prof. Doyin Salami, on his part, said that the private sector remained key to solving the country’s economic challenges.

She further craved a future with economic growth led by a thriving and innovative private sector resulting in a diversified economy with non-oil taxes as the major source of government revenue and the non-oil economy driving export expansion and accretion to our foreign reserves. The minister noted that the business sector remained a key engine of growth that must play a crucial role in achieving the future we envisage.This, she said will entail comprehensive and targeted reforms, a reorientation of national values, and a radical shift in attitudes to taxation and public financial management.

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