The federal government on Thursday stressed the need to focus attention more on quality investment in key sectors like agriculture, manufacturing and mines and steel to improve the economy.
Also in need of attention, the government said, is the promotion of micro, small and medium enterprises.
This is because they contribute immensely to the growth of the Gross Domestic Product, GDP.
The Minister of Finance, Mrs. Kemi Adeosun, made this assertion in a keynote address presented at a retreat in Uyo organised by the ministry in collaboration with the Federation Account Allocation Committee, FAAC.
The theme of the retreat is “Enhancing the Effectiveness of FAAC,” and Adeosun was represented by the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse.
Her words: “The promotion of MSMES, initiation of N-Power and a number of other programmes were designed to empower the citizenry, encourage private enterprises and change the way government does business.”
She added that “It is my firm belief that the pursuit of economic diversification through the promotion of private enterprises is one of the ways we can unlock the untapped socio-economic potentials for social progress, economic growth and national development.”
The minister also explained that the ongoing economic reforms by the federal government was to enhance fiscal discipline, improve revenue generation, and promote allocation and efficient use of resources by the three tiers of government.
According to her, there was emphasis on wealth creation, employment generation, poverty reduction, development of the non-oil sector and value re-orientation.
Speaking at the occasion, Akwa Ibom State governor, Udom Emmanuel, again called for the review of the current allocation formula by the National Assembly. ‘
Represented by his deputy, Moses Ekpo, he said in view of the common experience about development in the country, revenue sharing formula should be weighted more towards the states and local government councils than what the case was.
Pointing out the efforts of the state on agriculture, the governor said Akwa Ibom had become a major producer of tomatoes, onions and cassava in commercial quantities.
The retreat was attended by all the commissioners of finance and accountants-general from all the states of the federation.
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