30 January 2018

Nigeria: Agric Sector Records 3% Growth Despite Recession

Photo: The Guardian
Farming.

The Director-General, Budget Office of the Federation, Ben Akabueze, has revealed that despite the economic downturn fuelled by recession, the agricultural sector of the economy grew by three per cent.

Akabueze, who spoke at the Maiden Edition of Deloitte in Dialogue, tagged: Nigeria Economic Outlook 2018, disclosed this while relishing the opportunities that abound in the 2018 budget for the private sector.

He disclosed that the government is putting in more efforts to further boost the sector, saying: "The agricultural sector is one of the industries that the government is focusing on and it has seen some reasonable growth. Despite the biting recession, Agricultural sector recorded over three per cent growth." Akabueze noted that the 2018 budget envisages development of value chain across 30 different commodities, including transportation, trading, marketing and exploit among others.

Speaking on transportation, the DG called for improvement across the different roads of the federation, noting that this would have a positive effect on the country's economy."You will not believe the impact of transportation in the economy. The sector is part of what has been holding up the inflation rate. Transportation cost is a significant driver of food cost, which is the reason for the inflation that we have. If we raise some investments in transportation the inflation around food will be lower.

"We expect that the budget will stimulate investment in some critical sectors, and we hope that the private investors will leverage on the opportunities that the 2018 budget present," he stated.On his part, an associate professor at the Lagos Business School, Doyin Salami, decried the infrastructure deficit being passed on from one government to another.

He noted that the Federal Government needed to collaborate with the private sector to provide the necessary infrastructure, adding that an upsurge in international capital would necessarily boost Nigeria's infrastructural deficit."The state of infrastructure is critical to attracting foreign investment; the government must actively seek the participation of private investment in that area.

"Nigeria has elections in 2019, which, therefore, reduces her attractiveness in the international economic scene. It is not because it is Nigeria, but that is how it is anywhere in the world where there is election. We might see a reverse of capital inflows in Nigeria as the elections draw closer," he said.

The Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, said the agency, which hit a record of N4trillion revenue in 2017, had initiated plans to move Nigeria to be among the top 50 countries in the ease of paying tax.Fowler urged businesses to take advantage of the tax amnesty initiative of the Federal Government, which would end in March, noting that "There would be no extension of the tax amnesty from the government after March."

Nigeria

Foodstuff, Cattle Dealers to Resist Illegal Multiple Taxation On Roads

The Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria (AUFCDN) Rivers branch, says it is determined to resist… Read more »

Copyright © 2018 The Guardian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.