mp2013: ministry of finance
DESCRIPTION
Presentation by Dr. Ngozi Okonjo-Iweala Coordinating Minister for the Economy & Hon. Minister of FinanceTRANSCRIPT
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DR. NGOZI OKONJO-IWEALA
Coordinating Minister for the Economy & Hon. Minister of Finance
And
Dr. Yerima NgamaHon. Minister of State of Finance
June 10, 2013
MINISTERIAL PLATFORM:
FEDERAL MINISTRY OF FINANCE
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Mission Statement
To manage the Nation’s finances in an
open, transparent, accountable and
efficient manner that delivers on the
country’s development priorities
Mission Statement
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Ministry of Finance: Key Objectives
2
Support for Job
Creation
Macro Economic
Management
Mobilizing Finances for Real Sector
Activities
Supporting Enabling Reforms
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Support for Job
Creation
Macro Economic
Management
Mobilizing Finances for Real Sector
Activities
Put in place Enabling Reforms
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• Dollar exchange rate has been between ₦155 and ₦160 over the last two years
Exchange Rate is Stable
• Inflation rate has slowed to 9.1% from 12.4% in May 2011
Rate of Inflation is Coming Down
• From $32.08 billion in May 2011 to $48.4 billion as of May 2013
• Excess Crude Account (ECA) - (Component of External Reserves)
- Rise from about $4 Billion in May 2011 to around $9 billion at the
end of 2012, but now about $6 billion in May 2013
- ECA now helping us since oil production has fallen from the
projected 2.53 million bpd to between 2.1 – 2.2 million bpd
External Reserves are Rising
7
MACRO ECONOMIC MANAGEMENT
The Economy is Strong but Faces Challenges of Inequality & Inclusion
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MACRO ECONOMIC MANAGEMENT
Projected GDP Growth (%) 2013
Sub Saharan Africa 5.6
Emerging Markets 4.2
Major Economies (G7) 1.2
South Africa 2.8
Brazil 3.0
China 8.0
Russia 3.4
India 5.7
• GDP growth in 2013 projected at 6.75% (NBS) and 7.2% (IMF)
GDP Growth is one of the fastest in the World
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1 Footnote
SOURCE: Nigeria Sovereign Wealth Investment Authority; Federal Ministry of Finance
US$1 billion
earmarked for
investment in the
3 arms i.e.
Stability Fund,
Infrastructure
Fund and Future
Generation Fund
Management
team has
developed a
comprehensive
strategy
document which
was presented at
its inaugural
board meeting on
13th November
2012
The NSIA to
commence core
investing activities
from Q2 2013 and
currently evaluating
potential
infrastructure
investment
opportunities
1
The Board of the
Nigeria Sovereign
Investment
Authority was
Inaugurated on
9th October, 2012
2
3 4
Sovereign Wealth Fund is in Place…President Jonathan’s Administration believes that putting aside some money for emergencies is important just as we all do for our families. So this administration has supported a policy of
savings
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MACRO ECONOMIC MANAGEMENT
The 2013 budget prepared in record time and
passed on 20th December 2012
This provides the Government 12 months
expenditure program and time to spend the
funds
This also provides a boost to domestic and
international confidence in the country’s fiscal
management
Breaking the Budget Jinx
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• Policy is to reduce recurrent expenditure and complete unfinished capital
projects
- Recurrent expenditure has dropped from 74.4% of total budget in 2011 to
68.7% in 2013
• Envelop system developed to enable Ministers prioritize uncompleted capital
projects
Cost of Government is Reducing
• Government focusing on sectoral waivers rather than individual. e.g.
agricultural, power, aircraft spare parts, solid minerals at zero duty
Waiver and Tariff Policies have Changed
• Imports are down (textiles, plastic & rubber, paper & paper making material),
and exports are up (plastic & rubber, vegetable products, prepared food stuff
and beverages).
- Non-oil exports have increased from 9% of total exports in 2008 to 31% in
2012
- Oil exports are now 69% of total exports, compared to 91% in 2008
Trade has Improved
8
MACRO ECONOMIC MANAGEMENT
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Government Borrowing is Declining:
Total Debt Stock
Flow of Domestic Borrowing
Note: Domestic and External Debt Stock figures for 2013 are as at end of March 2013)
SOURCE: Debt Management Office
DomesticExternal
200524
852 744 5881,360
155107
1,753 2,170 2,320 3,2394,552
5,623 6,346 6,493427585
488450
683
978888
Debt/GDP Ratio (%)
Our National Debt is Low
1041
11.9% 12.6% 11.6% 15.4% 17.3% 18.2%15.4%
2006 2007 2008 2009 2010 2011 2012 2013
21%
South Africa 42.7%
Sub-Saharan Africa 34.2% USA 106% Japan 225% UK 90%
MACRO ECONOMIC MANAGEMENT
Total Debt is ₦7.5 trillionExternal Debt is US$6.6bn (₦1.04 trillion)
NGN, Billions
Slowed Down Growth of Debt Stock:
YEAR
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Tax Type
10
Petroleum Profit Tax
% increase in non-oil
Taxes- 39.2% 27.5%
SOURCE: Federal Inland Revenue Service
Non-Oil Taxes
Total Taxes
1,866 1,847 2,972
38.1% 14.6%8.0%
2,198 4,628 5,0072,839
939
3,2013,071
1,4802,061
1,1321,353
514715
911
1,8061,558
1,3591,258
16.0%
NGN, Billions
2006 2007 2008 2009 2010 2011 2012
Increasing Revenue ReceiptsMACRO ECONOMIC MANAGEMENT
YEAR
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Measures Taken
Next steps: Intensify drive to improve non-oil tax revenues
Compliance & Enforcement
▪ Recovery of tax arrears in the sum on ₦704.8 million
▪ Tax investigation and enforcement activities led to the recovery of
over ₦10.65 billion
Tax Policies & Legislative
Issues
B ▪ National Tax policy formally launched by Mr. President in April 2012
▪ Nigeria /Mauritius Double Taxation Agreement (DTA) signed in
August 2012
Modernization of Tax
Administration
& Operation
C ▪ Commenced implementation of the Integrated Tax Administration
System (ITAS) project
▪ Registered 227,140 new taxpayers in 2012
▪ Implemented full taxpayer segmentation
▪ Full restructuring of Tax offices nationwide
▪ Roll-out nationwide Tax Identification Number
A
Increasing Non-oil Revenues (Measures taken to Improve Non-oil Revenues)
MACRO ECONOMIC MANAGEMENT
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1 Total collections between Jan and Oct 2012, compared to the same period in 2011
SOURCE: Nigerian Customs Service
Federal Collections
Total Collections
345 413 470
Non-Federal
Collections
Annual increase
(%)– 19.8% 13.9%
514 742547
9.2% 35.7% 9%6.4%
190239
275 304 318
431 436
155 175 196 210 229311 297
7321
2006 2007 2008 2009 2010 2011 2012
NGN, Billions
Increasing Revenue Receipts: Improvement in Customs RevenueMACRO ECONOMIC MANAGEMENT
YEAR
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Measures Taken
▪ Upgrade of the ASYCUDA system to version 3.0
▪ Integration of Customs Operation (Platform) through a
portal named Nigeria Integrated Customs Information
Systems (NICIS) thus eliminating multiple submission
of cargo and goods documentation to several
stakeholders e.g. Bank, CBN, Freight Companies, etc
Deployment of ICT
▪ Online real-time processing of Custom’s
documents/manifest by shipping/airlines
▪ Simplification and harmonization of Customs clearance
procedures, in line with international best practice
▪ Electronic tracking and auditing of Customs operations
and transaction
Trade Facilitation
▪ Disbanded hinterland Customs Check points and
outlawed duplicity in cargo examination by Agencies at
the ports
▪ Anti-smuggling efforts
▪ Training, Training school etc
Stepping up Anti-Smuggling Activities
C
B
A
Measures Taken to Improve Customs Performance
MACRO ECONOMIC MANAGEMENT
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Expenditure Side Measures Taken
Introduction of the Government Integrated Financial Management and
Information System (GIFMIS) in April 2012.
• GIFMIS is aimed at improving the acquisition, allocation, utilization and
conservation of public financial resources using automated and integrated,
effective, efficient and economic information systems.
• 58% of the budget now executed through GIFMIS. Will rise to 79% by end of
third quarter 2013.
Treasury Single Account (TSA) is a unified structure of governmentbank accounts that gives a consolidated view of the cash position.
• 93 MDAs are currently on TSA
• Government’s overdrawn position has dropped from ₦102 billion in 2011
to ₦19 billion in 2012
The Integrated Payroll and Personnel Information System (IPPIS):
• Enhances efficient personnel cost planning and budgeting as personnel cost
will be based on actual verified numbers and not estimates
• 215 MDAs (153,019 staff) are on IPPIS as at Jan 2013
• Savings on Payroll cost to date is ₦118.9 billion
• Work ongoing to bring in other 321 MDAs not yet on IPPIS
• About 46,821 ghost workers identified
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Government Has Put In Place Systems To Increase Efficiency InPublic Financial Management
IPPIS
GIFMIS
TSA
MACRO ECONOMIC MANAGEMENT
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A New Petroleum Subsidy Payment Regime Is In Place To Help Stem Leakages
15
…Revised Process (2-step audit process)Old Process…
Marketer Paid
Auditor: Witnesses physical discharge
Physical verification
Quantity discharged
Claim to be paid
Auditor #1: Witnesses physical discharge
Physical verification
Quantity discharged
Auditor #2: Fiscal verification
• We audited ₦1 trillion in subsidy and found ₦232 billion questionable. Sofar, we have recovered about ₦14 billion. We have tightened the paymentprocess
• PPPRA reduced the number of oil marketers from 143 to 32
Marketer Paid
MACRO ECONOMIC MANAGEMENT
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Contributory Pension Scheme Is Sound But Defined Benefits Scheme Is Being Reformed To Prevent Fraud
Background
Objectives
• The Federal Government Defined Pension Scheme is decentralized and managed
by several pension offices/department and is inconsistent with the intention of
the Pensions Reform Act (2007)
• The Pensions Reform Act (2007) establishes a pension department known as
Pensions Transitional Arrangement Department (PTAD) to oversee the
management of pensions under the Defined Benefits Scheme for pensioners not
transiting to the Contributory Pensions Scheme
• Following Mr. President’s directive to ensure strict compliance with the
provisions of the Pensions Reform Act (2007), the CME/HMF inaugurated
an Inter-Ministerial Committee in August 2012 headed by the Director-General
Pensions Commission (PenCom) to carry out Mr. President’s instruction
• The Inter-Ministerial task was structured into two phases:
o Phase One: Design the governance and operating framework for the
PTAD
o Phase Two: Data validation and authentication of the existing pensioners
database and the development of an authentic database
Key Achievements
• Phase one completed and Phase Two is underway
• Result: All Defined Benefit Pension Systems for Civil Service, Police,Prisons, Immigration, Customs etc. will be managed in onedepartment reporting to Ministry of Finance with direct payment tobeneficiaries based on biometrics
Defined Benefits Scheme:
MACRO ECONOMIC MANAGEMENT
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• Ratings by international agencies like Fitch, Standard & Poor’s, and
Moody’s have improved to BB- (or equivalent)
• As a result, Nigerian corporates are able to borrow at cheaper rates on the
international credit markets
• A number of our banks have gone to raise funds abroad e.g. Access Bank
($350 million Euro Bond), GTB ($350 million Euro Bond), Fidelity Bank
($300 million Euro Bond)
Nigeria’s Credit Ratings Have Improved
• Domestic bonds included in JP Morgan and Barclays emerging market
Index
• About $7 Billion invested in Nigeria by foreign investors in 2012
• Nigeria has become the highest investment destination in Africa
International Investors are More Interested in Nigeria
Strong Economic Performance Has Received International Validation
MACRO ECONOMIC MANAGEMENT
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Of the FG’s ₦180 billion budgeted for the 2012 SURE-P, ₦86.5 billion was spent. The remaining
balance of ₦93.5 billion was carried over into the 2013 SURE-P budget bringing its sum to about
₦273.5 billion in projected expenditure.
Subsidy Reinvestment Program (SURE-P)
S/N Classification/Projects
2012
(Annual Budget,
N’ Bns)
2013
(Annual Budget
N’ Bns)
A SOCIAL SAFETY NETS (e.g. Maternal & Child Health,
Mass Transit, Community Services, Graduate
Internship Scheme)
38.44 40.83
B NIGER DELTA Augmentation for East-West Road
(Sections 1-4)
21.70 42.27
C WORKS (ROADS & BRIDGES) (e.g. Abuja-Lokoja
Road, Kano-Maiduguri, Oweto Bridge)
85.50 111.50
D TRANSPORT (RAIL) (e.g. Lagos-Kano, Port-Harcourt
- Maiduguri)
33.36 77.42
E OTHER EXPENSES (e.g. SURE-P Board, M&E) 1 1.5
180.00 273.52
Breakdown of FGN SURE-P Budget
Subsidy Savings 2012 2013 (Jan – May)
Federal Government ₦180 Billion ₦75 Billion
States Government ₦154.6 Billion ₦64.4 Billion
Local Government Councils ₦76.4 Billion ₦31.8 billion
MACRO ECONOMIC MANAGEMENT
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Developing the Nigerian Financial Systems
19
MACRO ECONOMIC MANAGEMENT
FAAC
B
Clean-up of the
Banking system
& Reforming DFIs
Exports
Expansion
Grants (EEG)
A
D
E
Reviving the
Nigerian Capital
Market
C
Boosting the
Insurance
Sector
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Government Has Been Reforming The Financial Sector…
Cleanup of the Banking System Complete…
Government Policies have Supported Capital
Markets (e.g. Forbearance, Elimination of VAT & Stamp Duties,
etc.)
• As a result, capital markets
has now rebounded…
• Stock market index has risen
by 71% since May 2012
• Stock market capitalization
(value of listed companies)
has increase by 66.2% since
May 2012 to ₦11.8 trillion
• Through government policies
(e.g. introduction of micro-
insurance, compliance with
compulsory insurance, etc.)
more Nigerians are now aware
of Insurance Policies
• Number of policy holders has
also increased from 700,000 in
2010 to 1.5 million in 2012
• Claims paid increased from
₦37 billion in 2010 to ₦52
billion in 2012
• All 22 banks are now fully
stable and capitalized
• Non-Performing Loans have
fallen to about 5%
• But not enough lending is
going on at affordable interest
rates so the government is:
Restructuring existing DFIs to
get in private sector capital
Creating a new wholesale DFI
for 10-15 year money at
affordable rates
Insurance Sector is Doing Better…..
MACRO ECONOMIC MANAGEMENT
A B C
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Federation Accounts Allocation Committee (FAAC) D
MACRO ECONOMIC MANAGEMENT
FAAC meeting for the past 4 months held
before the 14th of each month
All tiers of Government get their account
credited latest on 17th day of the month.
Salaries are paid to Federal Government
staff on time
This has brought some relative measure of
employee satisfaction and industrial
harmony
FAAC has served as an avenue for:
Correcting misconceptions and the
resolution of long standing problems
Peer review amongst States
Adopting best practices and learning from
the experiences of one another
Improved flow of revenues … Problem Solving.
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Exports Expansion Grant (EEG): Summary of Performance of Exporters
Eligibility Criteria Threshold % Better than
Threshold 2006
% Better than
Threshold 2011
Value Addition 20% 40.88% 48.50%
Export Growth 10% 31.36% 71.82%
Capital Investment
Growth
10% 46.37% 68.90%
Employment 500 32.04% 38.56%
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MACRO ECONOMIC MANAGEMENT
E
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Support for Job
Creation
Macro Economic
Management
Mobilizing Finances for Real Sector
Activities
Supporting Structural Reforms
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Agriculture
Federal Ministry of Finance
▪ ₦30 billion credit risk guarantee to Nigeria’s commercial banks to support
the supply of fertilizers and seed by the private sector
World Bank
▪ US$ 200 million to support the ATA for staple crop processing in the six
geo-political zones
▪ US$ 300 million support to Fadama and commercial agriculture
China Exim Bank
▪ US$ 500 million importing 18 cassava processing mills and 40 rice
processing units (under discussions)
▪ US$ 75 million Rural Access and Mobility project
Environment World Bank
▪ US$450 million – Erosion & Watershed Management in Abia,
Anambra, Cross River, Ebonyi, Enugu, Imo and Edo states
▪ US$120 million – Flood and Waste management, Oyo state
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (1)
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Transport
Federal Ministry of Finance
▪ US$4 billion – Letter of comfort to support
investment in the Lekki Deep Sea port
Water
World Bank
▪ US$200 million – Water Reform Phase III Nationwide
▪ US$120 million – Urban Water Supply in Cross River
Islamic Development Bank
▪ US$136.34 million – Zaria Regional Water Supply
▪ US$50 million Dam project for water Supply & Irrigation in
Osun state
African Development Bank
▪ US$81.32 million – Zaria Regional Water Supply
▪ US$200 million Rivers State Water Supply Project
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (2)
African Development Bank
▪ ₦50 billion (~US$ 330 million) for the construction of
the East-West Highway
Niger Delta
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The Ministry negotiated the following financing agreements totalling
~US$12 billion to support the real sector – (3)
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MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
World Bank
▪ US$50 million – State Health Program Investment Credit
(Ondo, Nasarawa & Adamawa)
▪ US$95 million – Polio Eradication Project Nationwide
Islamic Development Bank
▪ US$44.69 million – Upgrading of Hospital Facilities in
Kaduna
Health
Federal Ministry of Finance
▪ US$ 1 billion Eurobond (including US$600 million for Gas to
Power) to be launched
World Bank
▪ US$ 1 billion IBRD Partial Risk Guarantee (under
discussion)
China Exim Bank
▪ US$765 million Zungeru Hydroelectric Power Project
Islamic Development Bank
▪ US$54.5 million Zungeru Hydroelectric Power Project
Power
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (4)
27
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
World Bank
▪ US$150 million – State Education Program Investment Project (Bauchi, Ekiti & Anambra)
Islamic Development Bank
▪ US$17.32 million for science secondary schools in Kaduna State
▪ US$70 million to improve and enhance Bilingual Educational Support
Education
China Exim Bank
▪ US$100 million – National Information and
Communication Infrastructure Backbone (Galaxy
Backbone)
ICT
World Bank
▪ US$250 million – Youth Employment and Social
Support Operation (YESSO)
▪ US$140 million – Growth and Employment Support
Project
▪ US$200 million – State Employment and
Expenditure For Result Project
Job creation
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (5)
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MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
Federal Ministry of Finance
▪ Working with CBN on use of intervention fund for purchase
of new aircraft to be passed to private sector and repaid
China Exim Bank
▪ US$500 million 5 new airport terminals in Abuja, Kano,
Lagos, Enugu and Port-Harcourt
Aviation
World Bank
▪ US$300 million Housing Liquidity Facility
China Exim Bank
▪ US$500 million for the Abuja Light Rail ProjectFCT
Housing
China Exim Bank
▪ US$200 million for various roads (under construction)
World Bank
▪ US$80 million for second Niger bridge
Works
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To address two key issues:
Mainstreaming government efforts to improve the lives of girls and
women in Nigeria into the budgeting process
Linking funding release to concrete results delivery for these girls
and women, with the 2013 budgeting process as pilot.
Three Technical Working Sessions and a program design workshop with the
focal points in the pilot MDAs and civil society partners have been held -
develop work plans, budgets and implementation modalities at the state, local
government, community and ward levels.
Ministry of Agriculture has since March trained 350 in fishery farming - 70
from each five geo-political zones.
Ministry of Communications Technology made the initiative the focus of its ICT
Day in April and provided 35 students and seven teachers with laptops.
The Ministry of Health for its VVF target has initiated the acquisition and
upgrading of existing fistula centres in Ebonyi and Katina states as a key step
to scaling up the numbers of girls to receive the corrective surgery.
Ministry of Works has signed MoUs with three private contractor firms who
have pledged to support women subcontractors in their road contracts.
.
Support to Women Empowerment
Background
Progress to Date
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
▪ NEXIM being retooled to enhance support to the non-oil export sector
▪ Reforming the Export Expansion Grant (EEG) Scheme to better target critical
priority sectors and reduce cost of running scheme
▪ Total disbursement of ₦7.3 billion in 2012 in support of non-oil exporters,
leading to creation of 4,911 direct jobs and foreign exchange generation of
about US$58 million annually on full implementation of the projects
Support to the Non-oil
Sector
Regional Integration
▪ The ECOWAS Trade Support Facility has been introduced to enhance export
credit to small traders, formalize trade and deepen payment system in the
West African sub-region. NEXIM dedicated a seed fund of ₦500 million, with
₦268m approvals granted and ₦170m already disbursed.
▪ Financing Regional Sealink Project to establish a dedicated regional shipping
company which will mitigate the issue of high transportation cost and
excessive transit time in West and Central Africa. The project is expected to
cost between US$60 – 100 million.
Fostering Partnerships
▪ Strengthening relationships with other EXIM Banks to attract investment
capital. NEXIM has credit lines with the Export-Import Bank of India and the
Africa Export Import Bank, while discussion have reached advanced stage
with EXIM Bank of Turkey
Financing International Trade and Regional Integration
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Support for Job
Creation
Macro Economic
Management
Mobilizing Finances for Real Sector
Activities
Supporting Enabling Reforms
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Port Reforms in conjunction with the Ministry of Transport, Works, Presidency and the Lagos state Government
I
2,080 TEU
overtime
containers
transferred to
Ikorodu Lighter
Terminal.
Ports operating
a 24-hour
regime for the
first-time since
1970..
Disbanded NCS
task force that
harass cargo on
the highway
Apapa-Oshodi
Expressway
cleared with FMW
rehabilitating the
roads
Reduced the
number of
agencies
operating in the
ports from 14 to
7.
II III IV V
Clearing time reduced from 39 days to 7 days for trouble-free cargo, but target is 48 hours!
A
SUPPORTING ENABLING REFORMS
We had achieved the following …
BUT !
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B Support to Other Sectors: Power
SUPPORTING ENABLING REFORMS
Key Measures
Chair of the board of the National Bulk Electricity Trader (NBET) and National Electricity Liability Management Company (NELMCO)
Signing of letters of comfort, PPAs etc
Negotiated Guarantees
Solving financial problems and paying off PHCN
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C Support to Other Sectors: Housing
SUPPORTING ENABLING REFORMS
Mortgage Refinance Company (MRC) has
been proposed to assist in resolving
financing gapHousing Finance: the challenges
▪ Nigeria needs to add 23 million homes
by 2020 to meet supply gap i.e. 2.6
million homes per year
▪ The MRC will be a Public-Private Partnership
(PPP) arrangement with shareholders that
will include: Government, International DFIs
9IFC, Shelter Afrique etc), Nigerian Banks,
Primary Mortgage Institutions (PMIs),
Insurance Companies and Private Equity
investors
▪ Capital Structure of the MRC will comprise of:
▪ Take off capital of NGN5 billion, 10% of
which would be invested by
Government via Preference Shares
▪ Initial debt financing of US$300 million
from FGN via a concessional long term,
non-interest credit from the World Bank
▪ Upon establishing a track record, the
MRC will access the capital market to
raise funds via bond issues
▪ FGN credit to be disbursed to MRC in
Naira; CBN to bear FX risk
▪ Currently there are 20,000 mortgages
in Nigeria – Target of 200,000 mortgages
in the next 5 years
▪ Challenges faced by the housing
industry are multi-sectoral:
▪ Financing hurdle to be tackled with
Mortgage Refinance Company
▪ Additional challenges also being
tacked concurrently
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D Support to Other Sectors: Sports and Manufacturing
SUPPORTING ENABLING REFORMS
Sports
Examining innovative
ways of financing
sector through
lotteries and private
sector franchising
Manufacturing
Stoppage of multiple taxation
Fast track the completion of CET
book
Facilitate easier access to long
term financing
Tackling trade malpractices
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E Support to Other Sectors: Agriculture
SUPPORTING ENABLING REFORMS
Specific Measures
IntroducedFiscalincentivesto support
Rice andCassavavalue chains
Zero duty on machinery and equipment to process high-quality cassava flour
Corporate tax rebate of 12% for bakeries attaining 40% substitution of wheat for cassava
Effective duty of 50% (to be raised to 100% by December 2012) on imported polished rice to encourage domestic production
100 percent duty on wheat flour from July 1, 2012
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SUPPORTING ENABLING REFORMS
Support to Other Sectors: WorksF
Supporting the Construction of the Second Niger Bridge
through PPPs.
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SUPPORTING ENABLING REFORMS
Special Initiatives
Mr. President announced a ₦3 billion grant program - Project
Advancing Creativity and Technology (ACT) Nollywood, to
encourage growth and stimulate job creation in Nigeria’s
movie industry
The program aims to improve and promote key components
of the movie value chain through the provision of grants
schemes designed to support existing or aspiring practitioners
within the industry
Support to Other Sectors: Creative IndustriesG
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Support for Job
Creation
Macro Economic
Management
Mobilizing Finances for Real Sector
Activities
Supporting Structural Reforms
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Youth Enterprise with Innovation in Nigeria (YouWiN!) Program
YouWiN! Results
• Trained 12,000 aspiring or existing young entrepreneurs.
• Presently funding 1,200 entrepreneurs identified in the first round of the three round
competition
• Identified 1,200 women in May 2013 across the six geopolitical zones to receive funding
in the second round
• As at May, 2013, a total of 14,025 jobs have been created across the country in the early
stages of the first round. At least 80,000 jobs expected by the end of the third round in
2015.
REGION NO. OF JOBS
North-Central 2,552
North-East 1,616
North-West 2,159
South-East 2,280
South-South 2,119
South-West 3,299
Total 14,025
SECTOR NO. OF JOBS
Agriculture 4,113
ICT & Media 1,893
Manufacturing 3,698
Retail 698
Others 3,623
Total 14,025
Breakdown of Job Creation by Geo-Political Zone and Sector (as at May 2013)
SUPPORT FOR JOB CREATION
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COMMUNITY SERVICES SCHEME (CSS) & GRADUATE INTERNSHIP SCHEME (GIS)
Community Services Scheme
• 370,000 youth to be employed annually.
• 178,000 Youth already employed.
Graduate Internship Scheme
• Providing 50,000 graduates with internship in established
privates sector organizations
• 1,306 graduates placed so far
SUPPORT FOR JOB CREATION