The Moment (London)
Ngozi Amuche
21 December 2011
MINISTER of Finance, Dr. Ngozi Okonjo-Iweala, has said that the removal of oil subsidy would increase investors’ confidence in the capital market.
Okonjo-Iweala spoke in Lagos at an economic discourse organised by the Nigeria Economic Summit Group (NESG) with Ms Christine Lagarde, Managing Director of International Monetary Fund (IMF) in attendance.
The discourse had ‘Africa’s Future: Responding to today’s global economic challenges’ as its theme.
She said government would use proceeds from subsidy removal to improve the nation’s infrastructure, pointing out that this would in turn boost the confidence of both local and foreign investors’ in the capital market.
Okonjo-Iweala, also the Coordinating Minister of the Economy, said the right economic indicators would soon be put in place for macro-economic policies to create a balance in the system.
The minister said there was also the need to improve vocational education to create more jobs for the unemployed youth.
She added that the country needs a lot of vocational education, instead of the current practice where most of the artisans are being sourced from neighbouring countries.
The minister also said the Federal Government has set aside funds to stimulate the youth entrepreneurs’ project including ‘the You Win project, ‘ adding that government was also focusing on a public works programme that would soon be launched.
‘We need every means we can use to tackle unemployment in this country,’ the minister said.
The Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, said although the Federal Government’s decision to remove fuel subsidy was unpopular, ‘it is absolutely necessary for the Nigerian economy.
‘Leadership is not about taking popular decision, but taking important decision. It is about taking important decision on policies,’ Sanusi said.
He said the problem facing the nation’s economy was the issue of ‘leakages in governments’ spending, adding, ‘Nigerians has to face the challenges of correcting these leakages.’
Sanusi was of the opinion that until the leakages were plugged, there would be no end to high cost of governance.
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