Premium Times (Abuja)

Nigerian Economy Keeps Growing and Creating Jobs

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We will also intensify our investment promotion efforts abroad, to ensure we bring the biggest and best companies from around the world to invest in Nigeria.

Dear Compatriots, the housing and construction industry is a critical sector in most developed economies. When the housing sector booms, it creates additional jobs for architects and masons, for electricians and plumbers, for painters and interior decorators, and for those in the cement and furniture industries.

Today, I am pleased to inform you that this Administration is reinvigorating our housing and construction sector. We have established the Nigeria Mortgage Refinance Company (NMRC) which will increase liquidity in the housing sector, provide a secondary market for mortgages, and thereby increase the number of people able to purchase or build homes at an affordable price in the country.

In 2014, we will work in a number of pilot states where the State Governors have agreed to provide fast-track land titles, foreclosure arrangements, and serviced plots. This new institution will enable us to create over 200,000 mortgages over the next five years at affordable interest rates. In addition, those at the lower end of the economic ladder will not be left behind as this new initiative will expand mass housing schemes through a re-structured Federal Mortgage Bank and other institutions to provide rent-to-own and lease-to-own options. I am confident that very soon, many more hardworking Nigerian families will be able to realize their dream of owning a home.

In this our centenary year, we will continue our efforts, through the Saving One Million Lives initiative to strengthen primary health care services. We will scale up interventions in reproductive, maternal, newborn and child health, nutrition, routine immunization, HIV/AIDS, malaria elimination, tuberculosis, neglected tropical diseases, and non-communicable diseases. We will pay greater attention to the provision of universal health coverage. Besides the implementation of new initiatives such as my comprehensive response plan for HIV/AIDS, we shall continue to collaborate with global health partners to deliver our health sector transformation agenda.

I am glad that the issues responsible for the long-drawn ASUU strike have been resolved and our children are returning to their campuses. We are committed to making our tertiary institutions true centers of learning for our young people. We will therefore focus on upgrading hostels, laboratories, classrooms, and halls. As the 2015 deadline for the Millennium Development Goals approaches, we will continue to expand access to basic education for all Nigerian children. Working with State Governments, we shall decisively tackle the problem of the large numbers of out-of-school children in this country. We will also invest in technical and vocational education to promote skills development for our youth across the country.

Nigerian entrepreneurs still lack access to affordable financing, with medium-to-long-term tenors. To address this gap, a new wholesale development finance institution will be established in 2014 to provide medium-to long-term financing for Nigerian businesses. We are working with partners such as the World Bank, the Africa Development Bank, the BNDES Bank in Brazil, and KfW in Germany, to realize this project. Our existing Bank of Agriculture and Bank of Industry will be re-structured as specialized institutions to retail financing from this new wholesale development bank.

In addition to the foregoing, our administration will also do all within its powers to ensure the success of the forthcoming National Conference. The report of the Presidential Advisory Committee on the Conference is undergoing urgent review and the approved structure, guidelines and modalities for the conference will soon be published as a prelude to its commencement and expeditious conclusion.

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