Nigerian economic recovery plan key to restoring investor confidence

The Nigerian government is confident that the effective implementation of the Economic Recovery and Growth Plan (ERGP) would restore investors’ confidence in the Nigerian economy.

The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said this at a management retreat for officers of the ministry and its parastatal agencies held in Makurdi, Benue state.

The retreat had the theme: Implementing the ERGP through Industry, Trade and Investment.

Foreign exchange matters need to be solved collaboratively and one objective of ERGP is to open window opportunities for investors and then increase the supply of foreign exchange. I leant that the parallel market is selling below the official market which is an indication of increasing supply.

It is a journey, we are not where we are supposed to be because the foreign exchange matter is a very important one.

This needs to be solved by collaboration. I believe as we continue to implement the plan we will restore investors’ confidence, which in turn restores forex exchange supply and it will increase value-added and manufacturing in Nigeria.’’

Enelamah said the Nigerian Government was on the verge of solving the issue of multiple taxation in order to address the ease of doing business problem in Nigeria.

We need to make it earlier for people to pay their taxes, which we have started with the introduction of electronic payment.

“The important thing is to ensure that there is collaboration between the relevant agencies and ensure that the taxes are transparent,’’ he said.