Tag: Nigeria

Minister of Budget and National Planning, Udoma Udo Udoma addressed a German delegation led by that country’s Ambassador to Nigeria, Mr Dietmar Kreusel, at the Nigeria-Germany Consultations Meeting on Development Cooperation in Abuja.

Udoma told the delegation that Nigeria will welcome the support of their home country, particularly in the area of technical support and expertise, to drive small and medium scale industries and aid manufacture of quality products within the country.

Minister Udoma said, “We are determined, as a government, to diversify the economy as a whole. When you look at the breakdown elements of the GDP of Nigeria, crude oil and the petroleum sector account for less than 10% of DGP, so it ought not account, as it currently does, for about 95% of our foreign currency earnings; and that is what we have to work upon – to diversify our sources of government revenue, and we are working hard at it”.

He said government is putting much emphasis on agriculture in the interim because it is capable of yielding quick results but long term focus is also on developing the solid minerals base, looking at light manufacturing and developing Export Processing Zones, among others. “And we will welcome German companies to come and invest. We are looking for investments, investments that will benefit both the investors and Nigeria; and create jobs.”

The Minister noted that the German government is also supporting Nigeria in the Save School Initiative and the agricultural sector, technical and youth development, the Nigeria Energy Support Programme, Sustainable Small Holder Agro-businesses among others. He also noted the Euro 24.9 million support for the Pro-poor Growth and Employment Promotion as well as the Euro 200 million credit support agreed for the Development Bank of Nigeria.

Policy source: Aso Villa Newsletter