We will deploy fiscal policies to protect emerging industries, encourage investments, says finance minister
The Minister of Finance, Mrs. Zainab S. Ahmed has said Nigeria will continue to deploy fiscal policies that protect its industries but also encourage Investments in critical sectors of the economy.
The minister made the commitment in Abuja at the opening session of 4th Meeting of the ECOWAS Finance Ministers on the Consolidation of ECOWAS Customs Union held yesterday at the ECOWAS Commission headquarters Abuja, according to statement by her Special Adviser on Media and Communications, Mr. Paul Ella Abechi.
“Nigeria will continue to deploy fiscal policies to support or protect emerging industries, encourage investment in critical sectors, and promote local production,” she said.
This, she said is with a view to achieving the effective implementation of the country’s Agricultural Promotion Policy (APP) and the Nigeria Industrial Revolution Plan (NIRP) within the transitional period of five years of implementation of the CET (2015-2019).She noted that this is without prejudice to the spirit of regional integration and free trade protocols as Nigeria has been in the forefront of supported trade policies.
According to her, “like every developing economy, Nigeria’s vision to industrialise is very strong. Accordingly, we believe ECOWAS Common External Tarrif (CET) should be designed to promote regional industrialisation in a manner that on the long term reduces dependence on imports. We will continue to work within ECOWAS to achieve these laudable objectives,” she promised.