The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said Nigeria will need $2.3 trillion over the next 20 years to resolve its infrastructure challenges.
Speaking at the Integrated Infrastructural Research for Development conference held in Abuja, Zainab stated that the private sector has a critical role to play in the infrastructure modernisation of Nigeria.
She said, “In the national development plan, we have cost the investment that is required; $2.3trn with a private sector contribution of 86 per cent anticipated between 2021 to 2025.
The minister further stated that the revised National Integrated Infrastructure Master Plan was meant to fund key sectors in the economy such as power, rail, roads, housing and agriculture through innovative partnerships with the private sector.
Citing an example, she said the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme launched in 2019 leveraged private sector expertise to construct, repair and maintain critical federal roads.
“We started the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme launched in 2019 to leverage private sector capital via tax credits, and provide private sector expertise to construct, repair and maintain critical road infrastructure in key economic growth corridors and industrial clusters in Nigeria.” The minister said.
It will be recalled that in August 2022, Vice President, Yemi Osinbajo also positioned the same thing.
The vice president stated that Nigeria faced an infrastructure deficit of about $2.3 trillion which it will need the help of the private sector to address.
Osinbajo noted that the collaboration between the federal government and the private sector would not only ensure effective coordination of the infrastructure development across the nation but would also bridge the nation’s infrastructure gaps.
Meanwhile, Investors King learnt that more than that the federal government has positioned more than N6 trillion as relief in the 2023 budget. This has however created misgivings among the senators who claimed the tax waiver could be counterproductive amid the budget deficit of more than N10 trillion.
Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue
Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.
Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.
While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.
The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.
Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”
The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.
Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.
In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.
Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.
He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.
In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.
Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.
Nigeria’s Q3 Foreign Trade Skyrockets: Crude Oil Revenue Surges by 83.23% to N8.54tn
Federal Government to Earn Over $500 Million in INTELS Deal
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 8th November 2023