Business

Harmonization Of APRM, 2ND NPoA Will boost MSME growth in Nigeria

Published

2 years ago

April 25, 2022

Finance Minister

By Joel Ajayi

The Minister of Minister of State of Finance, Budget and National planning Prince Clem Agba has disclosed that, Harmonization and Finalization of Monitoring and Evaluation Framework For implementation of 2^nd National Programme of Action NPoA) will help build a strong foundation for a concentrically diversified economy with robust MSME growth.

Minister who was represented at the occasion by the Mr. Peter Adeosun stated this on Monday in Abuja at the 5 days African Peer Review Mechanism APRM capacity building workshop for stakeholders for Harmonization and Finalization of Monitoring and Evaluation Framework for implementation of 2^nd National Programme of Action NPoA).

According to him, the Plan is to ensure that Nigeria unlocks its potential in all sectors of the economy for a sustainable, holistic and inclusive national development.

“It seeks to, among others; invest massively in social infrastructure and services to alleviate poverty; establish a strong foundation for a concentrically diversified economy with robust MSME growth and a more resilient business environment; invest in critical physical, financial, digital and innovation infrastructure; and build a solid framework and enhance capacities to strengthen security and ensure good governance.

“Specifically, the Plan aims to generate 21 million full time jobs and lift 35 million people out of poverty by 2025, thus, setting the stage for achieving the current Administration’s commitment to lifting 100 million Nigerians out of poverty in 10 years.”

He added that: “the Ministry, in line with its mandate and Presidential approval, is in the process of finalizing the development of the Nigeria Agenda 2050, which is the country’s Perspective Development Plan to replace the Nigeria Vision 20:2020.

“The approach to the development process of these Plans is very unique and home-grown and took into account Nigeria’s international and regional economic commitments.

“The National Development Plan 2021-2025 for the first in our history has three volumes, which included the Policies and Strategies, coasted programs and projects as well as legal and legislatives imperatives, with the enabling laws that will be passed or amended for effective implementation of the Plans.”

“It is important to note that the APRM National Programme of Action’s (NPOA) Monitoring and Evaluation Framework is aligned with the national M&E framework in the National Development Plan, 2021-2025. I urge other stakeholders, Development Partners and MDAS to mainstream and harmonize their sectorial Plans and country strategies in line with the priorities of government as embedded in the Plan to ensure full implementation of the Plan.”

He assured that, the Ministry will continued support African Peer Review Mechanism to ensure that Nigeria delivers on her development aspirations including, bilateral, multilateral and regional economic commitments.

In her welcome addressed, the CEO, AUDA -NEPAD/APRM Nigeria Princess Gloria Akobundu commended the collaborative efforts of all stakeholders which she believe will leave a milestone in the implementation of the new (NPoA)

She said: “This program is geared towards the “Harmonization and Finalization” of the NPoA framework to address the challenges identified in the Second County Review Report (CRR) and carry out national capacity building on “Monitoring and Evaluation framework” for the effective implementation of the National Programme of Action (NPoA).

“It is, therefore, critical to engage the Implementers for better information, understating and ownership of the NPoA for effective implementation hence, the need for public sectors, MDAs, Civil Society organizations, organized private sectors, states and local government’s participation in this timely workshop.

“The primary objective of NPoA is to guide and mobilize the country’s efforts in implementing needed changes to improve its state of governance and accelerate its economic development.”

“Its therefore atmost importance that significant issues are addressed to enable full realization of the goal of the NPoA framework. Having successfully conducted the country self-assessment which produced the Country Self Assessment Report and the Country Review Report (CRR) prior to the successful validation by the Country Review Mission (CRM) led by APRM Panel of Eminent Person and Continental Secretariat, Nigeria is currently drafting its National Programme of Action taking into consideration all the APRM Panel of Eminent Person’s recommendations as well as all the overarching issues.

“The document consequently, is expected to be harmonized in line with the global SDGs 2030, AU-Agenda 2063 and Nigeria’s National Development Plan for smooth implementation in line with global best practices”

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Business

FG Seeks Higher Investments, Increased Trade From G-24

Published

21 hours ago

April 18, 2024

The Gleamer

Joel Ajayi

The Federal Government has said that it needs investment and increased trading relationships from member countries of the G-24 as these will play a
critical role in the country’s quest for growth as well as
ensure a stable and growing economy by bringing tranquility to the tempestuous foreign exchange market.

The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the request at the ongoing World Bank-IMF Spring Meetings holding in Washington DC.

Represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze, the Minister informed the G-24, a group of countries working together to coordinate the positions of developing countries on international monetary and financial issues and indeed the global gathering that Nigerian Government, on its part, has administered a cocktail of intervention programmes and potent policies which are already yielding desired outcomes.

He explained that
the efforts of the President Bola Ahmed Tinubu-led Administration towards repositioning the economy
were already yielding desired outcomes, which has significantly narrowed the gap between the exchanges at the parallel market and the Nigeria Foreign Exchange Market.

Edun said that Nigeria was well positioned to attract investments in various sectors such as manufacturing, agriculture, oil and gas, amongst others.

While responding to a question from a Russian journalist on areas of cooperation between the two countries, the Minister said that the last major investment of the Eastern European nation in Nigeria was the Ajaokuta Steel Company, which currently lies prostate over large sprawling greenfield.

He informed further that apart from Brazil, there is no country in the world with as much arable land as Nigeria, as such, the country should be a net exporter of food and not an importer.

Edun also justified the decision for the Dangote Refinery to work on meeting local demands of petroleum products before eyeing export markets.

Does it make a meaning that domestic demand is not yet met and a company refines products and exports, while Nigeria goes and imports the same products from Europe? he queried.

The Minister added that local refining would be encouraged until indigenous demand has been fully met, and then the nation can export products as well as earn foreign exchange from such exports.

On budget implementation, he said that the capital component of the 2023 supplementary budget was still being implemented and would run until June due to government’s determination to make impacts in various sectors.

The Minister added that the 2024 budget was being implemented as planned, assuring that the citizens would be better for it.

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