Leadership<\/a> (Abuja)<\/p>\nAgency Report<\/p>\n
21 December 2011<\/p>\n
\nThe Minister of Finance, Dr Ngozi Okonjo-Iweala, on Tuesday in Lagos said the removal of oil subsidy would strengthen investors’ confidence in the capital market.<\/p>\n
She said this at a forum organised by the Nigeria Economic Summit Group (NESG) with Ms Christine Lagarde, the Managing Director of International Monetary Fund (IMF).<\/p>\n
The theme of the forum called an “economic discourse” was “Africa’s Future: Responding to today’s global economic challenges”.<\/p>\n
She assured that government would use the proceeds from subsidy removal to improve on the infrastructure that would re-direct both local and foreign investors’ confidence in the capital market.<\/p>\n
Okonjo-Iweala, who is also the Co-ordinating Minister of the Economy, said that the right economic indicators would be put in place for macro-economic policies.<\/p>\n
“This will create a balance in the system,” she said.<\/p>\n
The minister said that there was also the need to improve vocational education to create more jobs for the unemployed youths.<\/p>\n
She said that the country needs a lot of vocational education in the economy, adding that the country sourced most of her artisans from the neighbouring countries.<\/p>\n
Okonjo-Iweala said the federal government had set aside funds to stimulate the youth entrepreneurs’ project including “the YouWin project”.<\/p>\n
She said government was also focusing on a public works programme to be launched soon.<\/p>\n
“We need every means we can use to tackle unemployment in this country,” the minister said.<\/p>\n
On his part, the Central Bank of Nigeria (CBN) Governor, Malam Lamido Sanusi, noted that government’s decision to remove fuel subsidy was unpopular.<\/p>\n
“But it is absolutely necessary for the Nigerian economy. Leadership is not about taking popular decisions, but taking important decisions. It is about taking important decisions on policies,” he said.<\/p>\n
Sanusi said the problem facing the country’s economy was the issue of ‘leakages in the areas of government spending’.<\/p>\n
“But Nigerians have to face the challenges of correcting the leakages,” he said.<\/p>\n
Sanusi said until the leakages were changed, there would be a continuously high cost of governance.<\/p>\n
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