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DR. NGOZI OKONJO-IWEALA Coordinating Minister for t he Economy & Hon. Minister of Finance May 29, 2013 PowerPoint PPT Presentation


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PRESIDENTIAL MID-TERM REPORT Summary of Policies and Strategies for Delivering The Transformation Agenda. DR. NGOZI OKONJO-IWEALA Coordinating Minister for t he Economy & Hon. Minister of Finance May 29, 2013. Where Are We Coming From?. What Have We Done So Far?. 7. 8. 3. 4. 5. 6.

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DR. NGOZI OKONJO-IWEALA Coordinating Minister for t he Economy & Hon. Minister of Finance May 29, 2013

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Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

PRESIDENTIAL MID-TERM REPORT

Summary of Policies and Strategies for Delivering The Transformation Agenda

DR. NGOZI OKONJO-IWEALA

Coordinating Minister for the Economy &

Hon. Minister of Finance

May 29, 2013


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

Where Are We Coming From?

What Have We Done So Far?


Nigerian economy faces many challenges which the transformation agenda is designed to address

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Nigerian Economy Faces Many Challenges Which The Transformation Agenda Is Designed To Address

Rising Domestic Debt

Insufficient Jobs and Poverty

High Recurrent Expenditure

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High Food Importation / Food Insecurity

Falling reserves

Infrastructure in Poor State

Dependence on Oil Exports

Housing Deficit

High Inflation


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

What Have We Done So Far?


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

5

The Economy Is Strong But Faces Challenges Of

Inequality & Inclusion

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Sovereign wealth fund is i n place

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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  • The NSIA to commence core investing activities from Q2 2013 and currently evaluating potential infrastructure investment opportunities

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  • The Board of the Nigeria Sovereign Investment Authority was Inaugurated on 9th October, 2012

  • Management team has developed a comprehensive strategy document which was presented at its inaugural board meeting on 13th November 2012

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  • US$1 billion earmarked for investment in the 3 arms i.e. Stability Fund, Infrastructure Fund and Future Generation Fund

1 Footnote

SOURCE: Nigeria Sovereign Wealth Investment Authority; Federal Ministry of Finance


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

5


A new petroleum subsidy payment regime is in place to help stem leakages

A New Petroleum Subsidy Payment Regime Is In Place To Help Stem Leakages

  • We audited ₦1 trillion in subsidy and found ₦232 billion questionable. So far, we have recovered about ₦14 billion. We have tightened the payment process

  • PPPRA reduced the number of oil marketers from 143 to 32

Auditor #1: Witnesses physical discharge

…Revised Process (2-step audit process)

Old Process…

Auditor: Witnesses physical discharge

  • Physical verification

    • Quantity discharged

  • Physical verification

    • Quantity discharged

    • Claim to be paid

Auditor #2: Fiscal verification

Marketer Paid

Marketer Paid


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

Contributory Pension Scheme Is Sound But Defined Benefits Scheme Is Being Reformed To Prevent Fraud

Defined Benefits Scheme:

  • 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

Background

  • 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:

    • Phase One:Design the governance and operating framework for the PTAD

    • Phase Two: Data validation and authentication of the existing pensioners database and the development of an authentic database

Objectives

  • 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 one department reporting to Ministry of Finance with direct payment to beneficiaries based on biometrics

Key Achievements


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

Government Has Put In Place Systems To Increase Efficiency In

Public Financial Management

Expenditure side measures taken

IPPIS

  • 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

GIFMIS

  • 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.

TSA

  • Treasury Single Account (TSA) is a unified structure of government bank 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


Strong economic performance has received international validation

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Strong Economic Performance Has Received International Validation


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

Subsidy Reinvestment Program (SURE-P)

Breakdown of FGN SURE-P Budget

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.


Key reforms under implementation to enable economic performance

Key Reforms Under Implementation To “enable” Economic Performance

This Is Focused On:

  • Infrastructure

    • Government policy is to use PPP as an instrument for infrastructure and other development to supplement budget resources. e.g. 2ndNiger Bridge.

    • ICRC and PPP units in various MDAs are working on this

  • Sectoral Reforms

    • e.g. Agriculture, Manufacturing, Housing, ICT, Health, Education, Sports, Creative Industries


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

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.)

Insurance Sector is Doing Better…..

  • All 24 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

  • 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


Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

RAIL

  • Rehabilitation of the main Rail Lines (moribund for 15 years):

    • Western Line: Lagos – Kano; 1,124km completed and functional

    • Eastern Line: Port-Harcourt – Maiduguri; expected to be completed by 2013

    • Abuja – Kaduna Standard Gauge Line – 60% completed

    • Itakpe – Ajaokuta– Warri Standard Gauge Rail Line – 77% completed

  • Procured 25 new locomotives from General Electric (GE)

  • Refurbished over 200 Coaches and Wagons

  • Investment incentive MoU with GE to develop a Multi Modal Locomotive Assembly Facility in Nigeria to handle an initial 200 locomotives over 10 years.

  • Number of Passengers Carried by rail has risen significantly, from about 1 million in 2009 to about 4.2 million in 2012.


  • Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    INLAND WATERWAYS

    • Dredging of Lower River Niger from Baro in Niger State to Warri in Delta State (72km) has made possible all year round Navigation.

    • Construction of Inland Ports

      • Onitsha Port completed and commissioned – to be concessioned out later this year

      • BaroPort under construction – to be completed this year

      • Oguta Port under consideration. Also expected to be completed this year

    • Results

      • Volume of cargo in the inland waterways has risen from 2.9 Million Metric Tonnes in 2011 to 4.03 Million Metric Tons in 2012

      • Number of Passengers travelling en route inland waterways increased from 250,000 in 2011 to 1.3 million in 2012


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    AVIATION

    • 1) Overhaul of the Airport Infrastructure

      • Embarked on the remodeling exercise of the terminal infrastructure in all 22 airports across the country in two phases (75% complete)

        • Impact: Improved passenger experience

      • Upgraded the air navigational aids/equipment and integrated control tower modernization. These include Aeronautical Information Service (AIS) Automation, Total Very High Frequency Radio Coverage, World Geodetic Survey-84 Survey, VSAT network and Fibre Optics Rings

        • Impact: State-of-the-art equipment for safe air navigation, weather observation and forecasting.

    • 2)Introduction of the Aerotropolis Concept & Development of the Business Model

      • Will create direct and indirect job employment opportunities for up to 500,000 Nigerians

      • Increase foreign direct investment

      • Opens Nigeria as a gateway for economic activities and creation of megacities in locations identified for the aerotropolis.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    AVIATION (contd…)

    • 3) Review of Existing Policies to Enhance Safety, Economic and Commercial Activities in the Aviation Sector

      • Review and launch of the Nigerian Civil Aviation Policy (also includes economic commercial regulation of domestic airlines, introduction of policies for general/business aviation - private jet/helicopter, maintenance repair & overhaul facilities)

      • Removal of import duties and charges on aircrafts and spare parts

    • 4) Development of Perishable Cargo Facilities

      • Designated 6 airports in proximity to food baskets as perishable cargo airports- Jos, Makurdi, Yola, Jalingo, Lagos and Ilorin.

      • Developing international standard perishable cargo facilities at these designated airports.

      • Established a new Cargo development Division in FAAN to give focus to this effort


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    ROADS

    • A total of 651km of roads paved with bitumen in 2012 including:

      • Apapa-Oshodi Expressway; Benin-Ore-Shagamu Highway; Abuja-Abaji-LokojaDualization; Kano-Maiduguri Dualization; Onitsha-Oweri Expressway; Vom-Manchok Road (Plateau State), Enugu-PH repaired

      • Katsina-Daura Road, Kano-Maiduguri Road, and Gombe-Numan Road

      • Oweto bridge almost complete.

      • 2nd Niger Bridge – PPP design advertised and awarded. Design ongoing

    PORTS

    • Reduced the number of agencies operating in the ports from 14 to 7.

    • Disbanded NCS task force that harass cargo on the highway.

    • Ports operating a 24-hour regime for the first-time since 1970

    Clearing time reduced from 39 days to 7 days for trouble-free cargo, but target is 48 hours !


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    POWER

    • Progress on Roadmap Implementation:

    • Successful bid for the unbundled PHCN companies (11 Discos and 6 Gencos).

    • Creation of the Nigeria Bulk Electricity Trader and NELMCO.

    • Licensing to facilitate privatization of 34 IPPs, of which 3 have commenced operations.

    • Introduction of Cost Reflective Tariffs to make private sector investment attractive.

    • Concession of the TCN to a private provider (Manitoba Hydro) to upgrade and expand the transmission network.

    • Results:

    • Power generation increased from 3,514MW in 2011 to 4,500MW as at Dec. 2012.

    • Average hours of power availability in 10 major cities has increased from a low of less than 9 hours in 2011 to around 15 hours in 2012.

    • Additional 2,500MW from NIPP plants by end of 2013.

    • Realize there is still a long way to go but present Privatization and Liberalization Policy in power will help as it has done in Telecoms.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    WATER

    • Increased Access to Safe (Potable) Water

      • The Federal Government completed 7 water supply projects across the nation, providing about 4.3 million Nigerians with access to water.

      • As at the end 2012, 65.29% of the population now have access to improved water sources, compared to 60% in 2011.

      • About 4,547 jobs were created in the process.

    • Hydro Power Generation

      • Nine dams completed in: AkwaIbom, Katsina, Enugu and Ondo States

      • Capacity to generate 11.2 MW

      • About 125,000 jobs created

    • Irrigation

      • 10 irrigation projects deployed for crop production

      • Size of irrigated land increased from 90,000 in 2011 to 175,000 hectares in 2012

      • About 375,000 farmers now have access to irrigate land from 236,000 in 2011

      • Supporting food production:

    • Rice – 75,802 Tonnes; Maize – 51,631 Tonnes; Sorghum – 50,695 Tonnes; Veg – 177,050 Tonnes


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    • SECTORAL REFORMS


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    AGRICULTURE

    • 1. Ended Corruption in Fertilizer and Seed Sector

      • The Government ended 4 decades of corruption in the seed and fertilizer sectors within 90 days

      • Ended direct procurement and distribution of seed and fertilizers to farmers. GES system saved the Federal Government ₦25 billion ($156 million) in 2012

      • Private sector seed and fertilizer companies now sell directly to farmers. ₦15 billion ($100 million) of fertilizers sold and ₦1.5 billion ($10 million) of seeds sold directly via e-wallet system

    • 2. Growth Enhancement Support (GES) Scheme with E-WALLET

      • Cellphone-based system developed to send subsidies via electronic vouchers (e-wallets) directly to farmers via their cellphones

      • First ever database of farmers developed; 4.2 million farmers registered and now being updated/ monitored annually (KYC)

      • Nigeria is 1st country in Africa to develop the E-wallet for input delivery to farmers

    • 3. Rice Revolution Takes off

      • Dry season production through irrigation in ten Northern States (Kebbi, Zamfara, Sokoto, Katsina, Kano, Jigawa, Gombe, Niger, Kogi and Bauchi) resulted in output of 1.07 Million Metric Tonnes by about 268, 000 farmers.

      • Total combined production of Dry Season and Main Season paddy is 1.76 Million Metric Tonnes

      • 13 New Rice Mills with a total capacity of 240,000 MT have been set up by the private sector

      • Nigeria is on target for Self Sufficiency in Rice


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    AGRICULTURE (contd…)

    • 4. Cassava Revolution Takes Off

    • Developing Cassava value chains for new value-add products (high quality cassava flour, cassava chips, ethanol, starch, sweeteners) through private companies:

      • Starch processing: Cargill, Crest Agro Products (Both within the Kogi State Crop Processing Zone)

      • Cassava Starch to Sobitol: Unilever, Ingredion

      • Cassava for Beer Products: SAB Miller

    • Expanded production of high quality cassava flour (HQCF) to substitute imported wheat in the baking industry (commercialized 20% use of HQCF in bread)

    • Secured 3.2 million MT contract orders from China for export of dried cassava chips for Ethanol production.

    • 5. Food Production Rises and Expected Food Crisis Due to 2012 Floods Averted

    • 8 million MT of Food added to domestic food supply in 2012, 70% above target

    • Food crisis from 2012 flood averted

    • 6. Attracted Private Sector Investors to Agriculture

    • Over $8 billion of private investment commitments indicated and deployed in agribusiness ventures

    • Attracted large indigenous and global multinational firms like Flour Mills of Nigeria, Dangote Group, Syngenta, Indorama, AGCO, and BelstarCapital

    TARGET OF 3.5 MILLION JOBS BY 2015


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    MANUFACTURING

    • Given our large domestic market, policy is to encourage import substitution, where we have a comparative advantage, and exports, where we can be competitive internationally

    • Development of National Industrial Revolution Plan (NIRP) with focus on the entire value chain of sub-sectors like agro-processing (e.g. rice milling, sugar procession, cassava for wheat flour and other products, etc.), consumer goods manufacturing, cement, textiles, and petrochemicals).

    • Completed the development of a Sugar Master Plan (NSMS) to provide roadmap for 100% local production of sugar

    • Attained the position of an exporter of cement instead of a net importer. With no import permit issued in the whole of 2012 for cement importation, a savings of over N200 billion was made.

    • Transformation of the Onne Oil and Gas Free zone with $6 billion invested leading to the attraction of 150 companies into the zone with 30,000 jobs created to date

    • Promoting foreign investments in manufacturing e.g. Indorama’s $1.2 billion fertilizer plant at Onne, Procter & Gamble’s $250 million consumer goods plant in Ogun State, SAB Miller’s $100 million brewery at Onitsha.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    HOUSING

    • Government Policy is To Provide Nigerians Access to Affordable Housing

    • The FG (through National Housing Fund) built more than 61,800 housing units in the six geopolitical zones to provide affordable and quality houses.

    • Increasing Access to Mortgage Finance through a Mortgage Refinance Company (MRC). To be launched between July – August 2013. Mortgages available starting 2014.

    • MRC will be a PPP arrangement with shareholders that will include Government, International DFIs, Nigerian Banks and Insurance Companies.

    • MRC to enable up to 200,000 affordable mortgages within 5 years.

    • World Bank to support Government with investment of up to $300 million at zero interest, 40 year loan, 10 years grace, and 0.7% commitment charge, which will help lower costs, especially interest rates.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    ICT

    • Government created for the first time a new Ministry of Communication Technology to champion Reform

    • Increasing the Ease of Doing Business for Telecom Services Providers:

      • Streamlined Application for building infrastructure. Applications now processed within 30 days; right of way reduced from ₦ 5 million to₦145,000.

      • Reduced multiple taxation on operators.

      • Strong government support to and licensing of mobile companies

    • As a Result:

    • Mobile phone subscriptions have increased:

      • In 2004, only 8.5% of the population had access to mobile phones, but this will increase to 92.75% in 2013.

    • Access to internet is rising. 38% of Nigerians now have access, compared to 34% at the end of 2012.

      • As a result, more of government services (e.g. passport) are being delivered online (to the convenience of Nigerians)

      • Government is now delivering around 50 services online, compared with 30 at the end of 2012.

    • Promising local employment opportunities:

      • 1800 individuals registered in micro work/e-lance initiative equating to $121,000 new revenues.

      • Online shopping habit in Nigeria is gradually gaining momentum. Online vendors, e.g. Konga.com, and Jumia.com which reports about 100,000 unique visitors each day. Value of online shopping grew 25% to ₦62.4 billion in 2011 from ₦49.9 billion in 2010

    • Quality of service remains a problem and we are encouraging more investment by the companies to tackle this problem.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    HEALTH

    • In line with the National Strategic Health Development Plan, the Ministry of Health has outlined a Vision to Save One Million Lives and improve the Quality of care in Health Facilities by 2015

    • 1) Improved Access to Primary Health

      • a) Under the “Save One Million Lives” initiative, over 433,650 lives were saved in 2011 and 2012 by scaling up 6 cost-effective interventions including Maternal & Child Health, Nutrition, Prevention of Mother to Child Transmission (PMTCT) of HIV, Provision of Essential Commodities, Malaria Control, Routine Immunization / Eradication of Polio.

      • b) Maternal and Child Health (SURE-P):

        • A total of 9243 frontline health workers have been recruited, trained and deployed.

        • 1500 primary healthcare facilities have been refurbished and supplied with the essential commodities.

        • Maternal mortality has dropped by more than 50% in Midwives Service Scheme (MSS) facilities from 2009 to 2012.

        • Conditional Cash Transfer (CCT) Scheme.

          • Launched in May 2013, 172 female beneficiaries have received cash transfers totaling ₦206,900 from the first pilot Primary Health Centre.

          • Eight States (Anambra, Bauchi, Bayelsa, Ebonyi, Kaduna, Niger, Ogun, and Zamfara) to roll out CCT Programme as from June 2013.

    • 2) Improving Tertiary Healthcare

      • Several teaching hospitals and medical centers have been rehabilitated and modernized e.g. OAU and UNIBEN Teaching Hospitals. But key push is for Private Sector to provide world-class institutions for Nigerians and stop medical visits abroad.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    EDUCATION

    • Policy is to get 10.6 million “OUT-OF-SCHOOL” children “IN-SCHOOL”, and improve Quality of Education and Access at all levels.

    • Government has a long way to go but the journey has begun.

    • 1) Promoting Access to Affordable Education & Improving Quality

      • 1-year Early Child Education institutionalized as part of the education system to enhance access and quality of learning outcome

      • Construction of 124 Almajiri Schools to reduce the number of out-of-school children in the North.

      • Construction of special girls school in 13 states of the Federation has began to improve girls education program.

      • Establishment of 12 new universities to enhance access to a Federal University in all states.

      • Significant improvement in students performance in public examinations from 23% in 2010 to 39% in 2012 for WAEC and 9% in 2010 to 31% in 2012 for NECO

    • 2) Special Intervention

      • Establishment of a High Impact Fund to support higher institutions of learning to become Centers of Excellence in specific areas. Each selected University gets ₦3 Billion; Polytechnics and Colleges of Education ₦1 Billion

      • Awarded a total of 101 Presidential Special Scholarships for Innovation and Development (PRESSID) to beneficiaries for training in top 25 universities in the world.

      • Attention is turning to Vocational Training for Plumbers, Carpenters, Technicians and Artisans


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    SPORTS

    • From the Presidential Sports Retreat following Nigeria’s poor performance at the Summer Olympics 2012 (though our Paralympians made us proud with 12 medals), Policy is to support our sports men and women with better sports governance, finance, training facilities for Nigeria to excel in international and domestic competitions.

    • Focused on:

      • Developing new framework for sustainable sports financing in Nigeria (with Private Sector participation), including use of Lottery Funds

      • Instituted a new three-tier disbursement system for funding sporting activities across grassroots and elite sports programs

      • Received Presidential approval to recruit a National High Performance Director to head a High Performance Directorate set up within in NSC.

      • Developed Rhythm N’Play as the national mobilization campaign for grassroots sports in Nigeria

      • Ongoing infrastructure rehabilitation e.g. for National Stadium

    • The Results are:

      • Super Eagles won 2013 Africa Cup of Nations after 19 years.

      • The Golden Eaglets finished 2nd at the U-17 African Championship in Morocco

      • The Flying Eagles finished 3rd at U-20 African Championship in Algeria

      • Nigeria placed 1st at the 2012 Senior African Athletics Championship in Port Novo and emerged overall winner with 10 Gold, 6 Silver and 5 Bronze


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    CREATIVE INDUSTRIES

    • Key Reform Focus is to Develop:

      • Policies to protect intellectual property

      • Fiscal measures such as tax or duty waivers

    • Infrastructure Support:

      • Culture and Tourism Ministry completed the construction and equipment of three new Cultural Industry Centers in each of Taraba, Ogun, and FCT

      • Completed the rehabilitation of the National Theatre

    • Special Initiatives:

      • Mr. President announced Project Advancing Creativity and Technology (ACT) Nollywood - ₦3 billion grant program for Nollywood.


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    In addition to Sectoral Initiatives, Government Direct Job Creation Initiatives are Delivering…


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    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 March 2013, a total of 12,108 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.

  • Breakdown of Job Creation by Geo-Political Zone and Sector (as at March 2013)


    Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    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


  • Dr ngozi okonjo iweala coordinating minister for t he economy hon minister of finance may 29 2013

    • THANK YOU!!!


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