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Sustainably Reactivating Nigeria’s Economy

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Digital Roundtable

The Nigerian government has announced a stimulus package as part of its post COVID-19 economic sustainability plan. It has promised a stimulus spending parcel of NGN2.3 trillion (approx. USD5.9 billion), with the aim of keeping economic contraction to -0.59% to try and avert a drastic decline in economic growth.

The plan seeks to stimulate the economy by preventing business collapse and ensuring liquidity; retain or create jobs in key areas like agriculture and housing; undertake growth-enhancing and job-creating infrastructural investments; promote manufacturing and local production; and extend protection to the very poor and other vulnerable groups.

A number of key projects are also included in the plan. Some of the biggest are: A mass agricultural program that is expected to bring between 20,000 and 100,000 hectares of new farmland under cultivation in every state; an extensive public works and road construction program; a mass housing program that is expected to deliver up to 300,000 homes annually; the installation of solar home systems for up to 5 million households; and a strengthening of the social safety net.

Also proposed is support for micro, small, and medium enterprises, an 80% reduction in the registration fees for food, drugs, cosmetics, medical devices, and chemicals by the National Agency for Food and Drug Administration and Control (NAFDAC), as well as a waiver of administrative charges for product license renewals.

The government also plans to set up a survival fund to give payroll support to small and medium-sized enterprises, and to promote the use of domestic gas as well as technology hubs.


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The Business Year

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