Economic Restructuring
Policy changes and reforms are key to promoting sustainable and inclusive economic growth The diminishing revenue, increasing expenditure and debt profile have raised the need to review Nigeria’s revenue sources. Heavy reliance on the oil sector is unsustainable, hence the need to create a more resilient and diversified economy that can provide opportunities for all Nigerians
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- Support economic diversification with a focus on reducing dependence on oil and increasing development in other sectors across Nigeria, such as mineral resource mining, manufacturing, agro- processing, textile, tourism and technology and general services
- Provide incentives on tax breaks to encourage innovations and for industries that have the potential for job creation and export growth
- Examine existing legislation and, where there are gaps, introduce reforms to encourage public-private partnerships for infrastructure development, investment projects and service delivery
- Use legislative measures to support the implementation of the African Continental Free Trade Agreement (AfCFTA) to open up markets and promote economic cooperation and growth
- Enact laws that streamline business registration, make it quicker and more affordable, and reduce bureaucratic red tape
- Establish and strengthen legal frameworks that encourage Public Private Partnerships (PPP) in infrastructure development
- Legislate a comprehensive, long-term national infrastructure development plan covering transport, energy, ICT, and other key sectors
- Enact laws that enhance the capital market’s transparency, liquidity, and depth to attract domestic and foreign investors
- Simplify the tax system, reducing multiple taxation and offering incentives for sectors critical to growth
- Work with the Executive to ensure speedy passage of the Budget Process Bill to consolidate all existing legal provisions relating to the budget process/procedure.