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MINISTERIAL PLATFORM: FEDERAL MINISTRY OF FINANCE
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DR. NGOZI OKONJO-IWEALA Coordinating Minister for the Economy & Hon. Minister of Finance And
Dr. Yerima Ngama Hon. Minister of State of Finance June 10, 2013 |
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Mission Statement
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To manage the Nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities
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Ministry of Finance: Key Objectives
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Macro Economic Management
Support for Job Creation
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Mobilizing Finances for Real Sector Activities
Supporting Enabling Reforms
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Macro Economic Management
Mobilizing Finances for Real Sector Activities
Support for Job Creation
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Put in place Enabling Reforms
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MACRO ECONOMIC MANAGEMENT
The Economy is Strong but Faces Challenges of Inequality & Inclusion Exchange Rate is Stable Last Modified
• Dollar exchange rate has been between ₦155 and ₦160 over the last two years
Rate of Inflation is Coming Down
• Inflation rate has slowed to 9.1% from 12.4% in May 2011 External Reserves are Rising Printed
• From $32.08 billion in May 2011 to $48.4 billion as of May 2013 • Excess Crude Account (ECA) - (Component of External Reserves)
- Rise from about $4 Billion in May 2011 to around $9 billion at the end of 2012, but now about $6 billion in May 2013 - ECA now helping us since oil production has fallen from the projected 2.53 million bpd to between 2.1 – 2.2 million bpd | 7
MACRO ECONOMIC MANAGEMENT
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GDP Growth is one of the fastest in the World • GDP growth in 2013 projected at 6.75% (NBS) and 7.2% (IMF) Last Modified
2013
Sub Saharan Africa
5.6
Emerging Markets
4.2
Major Economies (G7)
1.2
South Africa
2.8
Brazil
3.0
China
8.0
Russia
3.4
India
5.7
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Projected GDP Growth (%)
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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
1 2 The Board of the Nigeria Sovereign Investment Authority was Inaugurated on 9th October, 2012
4 The NSIA to commence core investing activities from Q2 2013 and currently evaluating potential infrastructure investment opportunities
1 Footnote SOURCE: Nigeria Sovereign Wealth Investment Authority; Federal Ministry of Finance
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US$1 billion earmarked for investment in the 3 arms i.e. Stability Fund, Infrastructure Fund and Future Generation Fund
Management team has developed a comprehensive strategy document which was presented at its inaugural board meeting on 13th November 2012
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MACRO ECONOMIC MANAGEMENT
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Breaking the Budget Jinx
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The 2013 budget prepared in record time and passed on 20th December 2012
This provides the Government 12 months expenditure program and time to spend the funds Printed
This also provides a boost to domestic and international confidence in the country’s fiscal
management
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MACRO ECONOMIC MANAGEMENT
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Cost of Government is Reducing
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• Policy is to reduce recurrent expenditure and complete unfinished capital projects - Recurrent expenditure has dropped from 74.4% of total budget in 2011 to 68.7% in 2013 • Envelop system developed to enable Ministers prioritize uncompleted capital projects
Waiver and Tariff Policies have Changed • Government focusing on sectoral waivers rather than individual. e.g. agricultural, power, aircraft spare parts, solid minerals at zero duty
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Trade has Improved • Imports are down (textiles, plastic & rubber, paper & paper making material), and exports are up (plastic & rubber, vegetable products, prepared food stuff and beverages). - Non-oil exports have increased from 9% of total exports in 2008 to 31% in 2012 - Oil exports are now 69% of total exports, compared to 91% in 2008 | 8
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MACRO ECONOMIC MANAGEMENT
Our National Debt is Low Government Borrowing is Declining: YEAR
2006
2007
2008
2009
2010
2011
2012
2013
NGN, Billions 1,360 107
200
852
524
155
Slowed Down Growth of Debt Stock:
South Africa
427
488
1,753
2,170
2,320
3,239
11.9% 12.6%
11.6%
15.4%
Sub-Saharan 34.2% Africa
1041
5,623
6,346
6,493
17.3%
18.2%
21%
585
450
42.7%
978
888
683
USA
4,552
15.4%
106%
Domestic
Printed
Debt/GDP Ratio (%)
588
External
Total Debt is ₦7.5 trillion External Debt is US$6.6bn (₦1.04 trillion) Total Debt Stock
744
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Flow of Domestic Borrowing
Japan 225%
UK
90%
Note: Domestic and External Debt Stock figures for 2013 are as at end of March 2013) SOURCE: Debt Management Office
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MACRO ECONOMIC MANAGEMENT
Increasing Revenue Receipts Tax Type YEAR
2006
2007
NGN, Billions
Non-Oil Taxes
1,353
514
2009
2,061 1,132
715
939
2010
2011
2012
3,071
3,201 Last Modified
Petroleum Profit Tax
2008
1,480
1,258
1,359
1,558
1,806
911
Printed
% increase in non-oil Taxes
Total Taxes
-
1,866
SOURCE: Federal Inland Revenue Service
39.2%
27.5%
38.1%
8.0%
14.6%
1,847
2,972
2,198
2,839
4,628
16.0%
5,007
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MACRO ECONOMIC MANAGEMENT
Increasing Non-oil Revenues (Measures taken to Improve Non-oil Revenues) Measures Taken A
▪ Recovery of tax arrears in the sum on ₦704.8 million ▪ Tax investigation and enforcement activities led to the recovery of Last Modified
Compliance & Enforcement
over ₦10.65 billion
B Tax Policies & Legislative Issues
▪ National Tax policy formally launched by Mr. President in April 2012 ▪ Nigeria /Mauritius Double Taxation Agreement (DTA) signed in
C
▪ Commenced implementation of the Integrated Tax Administration System (ITAS) project
▪ ▪ ▪ ▪
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Modernization of Tax Administration & Operation
August 2012
Registered 227,140 new taxpayers in 2012 Implemented full taxpayer segmentation Full restructuring of Tax offices nationwide Roll-out nationwide Tax Identification Number
Next steps: Intensify drive to improve non-oil tax revenues | 11
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MACRO ECONOMIC MANAGEMENT
Increasing Revenue Receipts: Improvement in Customs Revenue YEAR
2006
NGN, Billions
239
2008
2009 304
275
2010
2011
2012
431
436
311
297
318 Last Modified
Federal Collections
190
2007
229
175
196
Total Collections
345
413
470
514
547
742
7321
Annual increase (%)
–
19.8%
13.9%
9.2%
6.4%
35.7%
9%
NonFederal Collections
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155
210
1 Total collections between Jan and Oct 2012, compared to the same period in 2011 SOURCE: Nigerian Customs Service
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MACRO ECONOMIC MANAGEMENT
Measures Taken to Improve Customs Performance Measures Taken A
▪ Upgrade of the ASYCUDA system to version 3.0 ▪ Integration of Customs Operation (Platform) through a
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Deployment of ICT
portal named Nigeria Integrated Customs Information Systems (NICIS) thus eliminating multiple submission of cargo and goods documentation to several stakeholders e.g. Bank, CBN, Freight Companies, etc B
Trade Facilitation
▪ Online real-time processing of Custom’s documents/manifest by shipping/airlines
▪ Simplification and harmonization of Customs clearance Printed
procedures, in line with international best practice
▪ Electronic tracking and auditing of Customs operations and transaction C
▪ Disbanded hinterland Customs Check points and Stepping up Anti-Smuggling Activities
outlawed duplicity in cargo examination by Agencies at the ports
▪ Anti-smuggling efforts ▪ Training, Training school etc | 13
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MACRO ECONOMIC MANAGEMENT
Government Has Put In Place Systems To Increase Efficiency In Public Financial Management Expenditure Side Measures Taken
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
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GIFMIS
The Integrated Payroll and Personnel Information System (IPPIS):
Work ongoing to bring in other 321 MDAs not yet on IPPIS About 46,821 ghost workers identified
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,
•
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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 | 14
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MACRO ECONOMIC MANAGEMENT
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
Old Process… Auditor: Witnesses physical discharge
Quantity discharged Claim to be paid
…Revised Process (2-step audit process) Auditor #1: Witnesses physical discharge Physical verification Printed
Physical verification
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•
Quantity discharged Auditor #2: Fiscal verification
Marketer Paid Marketer Paid
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MACRO ECONOMIC MANAGEMENT
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Contributory Pension Scheme Is Sound But Defined Benefits Scheme Is Being Reformed To Prevent Fraud Defined Benefits Scheme:
•
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
•
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: o Phase One: Design the governance and operating framework for the PTAD o Phase Two: Data validation and authentication of the existing pensioners database and the development of an authentic database
•
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
Background
Objectives
Key Achievements
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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) Last Modified
•
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MACRO ECONOMIC MANAGEMENT
Strong Economic Performance Has Received International Validation Nigeria’s Credit Ratings Have Improved • Ratings by international agencies like Fitch, Standard & Poor’s, and Last Modified
Moody’s have improved to BB- (or equivalent) • As a result, Nigerian corporates are able to borrow at cheaper rates on the
international credit markets • A number of our banks have gone to raise funds abroad e.g. Access Bank ($350 million Euro Bond), GTB ($350 million Euro Bond),
Fidelity Bank
($300 million Euro Bond) Printed
International Investors are More Interested in Nigeria • Domestic bonds included in JP Morgan and Barclays emerging market Index • About $7 Billion invested in Nigeria by foreign investors in 2012 • Nigeria has become the highest investment destination in Africa | 17
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MACRO ECONOMIC MANAGEMENT
Subsidy Reinvestment Program (SURE-P) Subsidy Savings
2012
2013 (Jan – May)
Federal Government
₦180 Billion
₦75 Billion
States Government
₦154.6 Billion
₦64.4 Billion
Local Government Councils
₦76.4 Billion
₦31.8 billion Last Modified
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. 2012 (Annual Budget, N’ Bns)
2013 (Annual Budget N’ Bns)
Classification/Projects
A
SOCIAL SAFETY NETS (e.g. Maternal & Child Health, Mass Transit, Community Services, Graduate Internship Scheme)
38.44
40.83
B
NIGER DELTA Augmentation for East-West Road (Sections 1-4)
21.70
42.27
C
WORKS (ROADS & BRIDGES) (e.g. Abuja-Lokoja Road, Kano-Maiduguri, Oweto Bridge)
85.50
111.50
D
TRANSPORT (RAIL) (e.g. Lagos-Kano, Port-Harcourt - Maiduguri)
33.36
77.42
E
OTHER EXPENSES (e.g. SURE-P Board, M&E)
1
1.5
180.00
273.52
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MACRO ECONOMIC MANAGEMENT
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Developing the Nigerian Financial Systems
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A
B Reviving the Nigerian Capital Market
Clean-up of the Banking system & Reforming DFIs E Exports Expansion Grants (EEG)
C Printed
Boosting the Insurance Sector D FAAC
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MACRO ECONOMIC MANAGEMENT
Government Has Been Reforming The Financial Sector…
A
•
•
Non-Performing Loans fallen to about 5%
• Stock market index has risen
have
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
•
by 71% since May 2012
introduction
of
micro-
insurance,
compliance
with
compulsory
insurance,
etc.)
more Nigerians are now aware
• Stock market capitalization has increase by 66.2% since
Through government policies (e.g.
has now rebounded…
(value of listed companies)
Insurance Sector is Doing Better…..
of Insurance Policies
•
Number of policy holders has also increased from 700,000 in
May 2012 to ₦11.8 trillion
2010 to 1.5 million in 2012
•
Claims
paid
increased
from
₦37 billion in 2010 to ₦52 billion in 2012 | 20
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•
All 22 banks are now fully stable and capitalized
C
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•
Cleanup of the Banking System Complete…
Government Policies have Supported Capital B Markets (e.g. Forbearance, Elimination of VAT & Stamp Duties, etc.)
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MACRO ECONOMIC MANAGEMENT
Federation Accounts Allocation Committee (FAAC)
D
Improved flow of revenues
… Problem Solving. Last Modified
FAAC meeting for the past 4 months held before the 14th of each month
All tiers of Government get their account credited latest on 17th day of the month. staff on time
This has brought some relative measure of
Correcting misconceptions and the resolution of long standing problems
Peer review amongst States Printed
Salaries are paid to Federal Government
FAAC has served as an avenue for:
Adopting best practices and learning from the experiences of one another
employee satisfaction and industrial harmony
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MACRO ECONOMIC MANAGEMENT
E
Exports Expansion Grant (EEG): Summary of Performance of Exporters
% Better than Threshold 2006
% Better than Threshold 2011
Value Addition
20%
40.88%
48.50%
Export Growth
10%
31.36%
71.82%
Capital Investment Growth
10%
46.37%
68.90%
Employment
500
32.04%
38.56%
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Threshold
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Eligibility Criteria
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Macro Economic Management
Mobilizing Finances for Real Sector Activities
Support for Job Creation
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Supporting Structural Reforms
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MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (1) Federal Ministry of Finance
Agriculture
▪ ₦30 billion credit risk guarantee to Nigeria’s commercial banks to support Last Modified
the supply of fertilizers and seed by the private sector World Bank
▪ US$ 200 million to support the ATA for staple crop processing in the six geo-political zones
▪ US$ 300 million support to Fadama and commercial agriculture China Exim Bank
▪ US$ 500 million importing 18 cassava processing mills and 40 rice Printed
processing units (under discussions)
▪ US$ 75 million Rural Access and Mobility project Environment
World Bank
▪ US$450 million – Erosion & Watershed Management in Abia, Anambra, Cross River, Ebonyi, Enugu, Imo and Edo states
▪ US$120 million – Flood and Waste management, Oyo state | 24
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (2) Federal Ministry of Finance
Transport
▪ US$4 billion – Letter of comfort to support Last Modified
investment in the Lekki Deep Sea port World Bank
▪
US$200 million – Water Reform Phase III Nationwide
▪ US$120 million – Urban Water Supply in Cross River Islamic Development Bank
Water
US$136.34 million – Zaria Regional Water Supply
▪
US$50 million Dam project for water Supply & Irrigation in Osun state
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▪
African Development Bank
▪
US$81.32 million – Zaria Regional Water Supply
▪
US$200 million Rivers State Water Supply Project
African Development Bank Niger Delta
▪ ₦50 billion (~US$ 330 million) for the construction of the East-West Highway | 25
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (3) World Bank
▪ US$50 million – State Health Program Investment Credit (Ondo, Nasarawa & Adamawa)
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Health
▪ US$95 million – Polio Eradication Project Nationwide Islamic Development Bank
▪ US$44.69 million – Upgrading of Hospital Facilities in Kaduna Federal Ministry of Finance
Power) to be launched
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Power
▪ US$ 1 billion Eurobond (including US$600 million for Gas to World Bank
▪ US$ 1 billion IBRD Partial Risk Guarantee (under discussion) China Exim Bank
▪
US$765 million Zungeru Hydroelectric Power Project
Islamic Development Bank
▪ US$54.5 million Zungeru Hydroelectric Power Project | 26
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (4) World Bank
Education
▪ US$150 million – State Education Program Investment Last Modified
Project (Bauchi, Ekiti & Anambra)
Islamic Development Bank
▪ US$17.32 million for science secondary schools in Kaduna State
▪ US$70 million to improve and enhance Bilingual Educational Support
China Exim Bank
ICT
▪ US$100 million – National Information and Communication Infrastructure Backbone (Galaxy Printed
Backbone) World Bank
Job creation
▪ US$250 million – Youth Employment and Social Support Operation (YESSO)
▪ US$140 million – Growth and Employment Support Project
▪ US$200 million – State Employment and Expenditure For Result Project | 27
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (5) Federal Ministry of Finance
▪ Working with CBN on use of intervention fund for purchase
Aviation
of new aircraft to be passed to private sector and repaid Last Modified
China Exim Bank
▪ US$500 million 5 new airport terminals in Abuja, Kano, Lagos, Enugu and Port-Harcourt
World Bank
Housing
▪ US$300 million Housing Liquidity Facility
China Exim Bank Printed
FCT
▪ US$500 million for the Abuja Light Rail Project
China Exim Bank
Works
▪ US$200 million for various roads (under construction) World Bank
▪ US$80 million for second Niger bridge | 28
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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Support to Women Empowerment
To address two key issues:
Background
Mainstreaming government efforts to improve the lives of girls and women in Nigeria into the budgeting process
Linking funding release to concrete results delivery for these girls
Three Technical Working Sessions and a program design workshop with the focal points in the pilot MDAs and civil society partners have been held develop work plans, budgets and implementation modalities at the state, local government, community and ward levels.
Ministry of Agriculture has since March trained 350 in fishery farming - 70 from each five geo-political zones.
Ministry of Communications Technology made the initiative the focus of its ICT Day in April and provided 35 students and seven teachers with laptops.
The Ministry of Health for its VVF target has initiated the acquisition and upgrading of existing fistula centres in Ebonyi and Katina states as a key step to scaling up the numbers of girls to receive the corrective surgery.
Ministry of Works has signed MoUs with three private contractor firms who have pledged to support women subcontractors in their road contracts.
Progress to Date
.
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and women, with the 2013 budgeting process as pilot.
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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Financing International Trade and Regional Integration Support to the Non-oil Sector
▪ NEXIM being retooled to enhance support to the non-oil export sector ▪ Reforming the Export Expansion Grant (EEG) Scheme to better target critical priority sectors and reduce cost of running scheme Last Modified
▪ Total disbursement of ₦7.3 billion in 2012 in support of non-oil exporters, leading to creation of 4,911 direct jobs and foreign exchange generation of about US$58 million annually on full implementation of the projects
▪ Strengthening relationships with other EXIM Banks to attract investment Fostering Partnerships
capital. NEXIM has credit lines with the Export-Import Bank of India and the Africa Export Import Bank, while discussion have reached advanced stage with EXIM Bank of Turkey Printed
▪ The ECOWAS Trade Support Facility has been introduced to enhance export Regional Integration
credit to small traders, formalize trade and deepen payment system in the
West African sub-region. NEXIM dedicated a seed fund of ₦500 million, with ₦268m approvals granted and ₦170m already disbursed.
▪ Financing Regional Sealink Project to establish a dedicated regional shipping company which will mitigate the issue of high transportation cost and excessive transit time in West and Central Africa. The project is expected to cost between US$60 – 100 million. | 30
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Macro Economic Management
Mobilizing Finances for Real Sector Activities
Support for Job Creation
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Supporting Enabling Reforms
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SUPPORTING ENABLING REFORMS
A
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Port Reforms in conjunction with the Ministry of Transport, Works, Presidency and the Lagos state Government
We had achieved the following ‌
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I number of agencies operating in the ports from 14 to 7.
III
Disbanded NCS task force that Expressway harass cargo on cleared with FMW the highway Apapa-Oshodi
rehabilitating the roads
BUT !
IV
V
Ports operating a 24-hour regime for the first-time since 1970..
2,080 TEU overtime containers transferred to Ikorodu Lighter Terminal.
Printed
Reduced the
II
Clearing time reduced from 39 days to 7 days for trouble-free cargo, but target is 48 hours! | 32
SUPPORTING ENABLING REFORMS
B
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Support to Other Sectors: Power Key Measures Last Modified
Chair of the board of the National Bulk Electricity Trader (NBET) and National Electricity Liability Management Company (NELMCO) Signing of letters of comfort, PPAs etc
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Negotiated Guarantees
Solving financial problems and paying off PHCN
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SUPPORTING ENABLING REFORMS
C
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Support to Other Sectors: Housing Mortgage Refinance Company (MRC) has been proposed to assist in resolving financing gap
Housing Finance: the challenges
by 2020 to meet supply gap i.e. 2.6 million homes per year
▪ Currently there are 20,000 mortgages in Nigeria – Target of 200,000 mortgages in the next 5 years
(PPP) arrangement with shareholders that will include: Government, International DFIs 9IFC, Shelter Afrique etc), Nigerian Banks, Primary Mortgage Institutions (PMIs), Insurance Companies and Private Equity investors
▪ Capital Structure of the MRC will comprise of: ▪ Take off capital of NGN5 billion, 10% of
industry are multi-sectoral:
▪ Financing hurdle to be tackled with Mortgage Refinance Company
▪
▪ Additional challenges also being tacked concurrently
▪ ▪
which would be invested by Government via Preference Shares Initial debt financing of US$300 million from FGN via a concessional long term, non-interest credit from the World Bank Upon establishing a track record, the MRC will access the capital market to raise funds via bond issues FGN credit to be disbursed to MRC in Naira; CBN to bear FX risk | 34
Printed
▪ Challenges faced by the housing
▪ The MRC will be a Public-Private Partnership
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▪ Nigeria needs to add 23 million homes
SUPPORTING ENABLING REFORMS
D
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Support to Other Sectors: Sports and Manufacturing
Sports
Manufacturing Last Modified
Examining innovative sector through
lotteries and private sector franchising
Fast track the completion of CET
Printed
ways of financing
Stoppage of multiple taxation book Facilitate easier access to long term financing Tackling trade malpractices
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SUPPORTING ENABLING REFORMS
E
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Support to Other Sectors: Agriculture Specific Measures
Corporate tax rebate of 12% for bakeries attaining 40% substitution of wheat for cassava Effective duty of 50% (to be raised to 100% by December 2012) on imported polished rice to encourage domestic production
Printed
Introduced Fiscal incentives to support Rice and Cassava value chains
Last Modified
Zero duty on machinery and equipment to process high-quality cassava flour
100 percent duty on wheat flour from July 1, 2012
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SUPPORTING ENABLING REFORMS
F
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Support to Other Sectors: Works
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Supporting the Construction of the Second Niger Bridge
through PPPs.
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SUPPORTING ENABLING REFORMS
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G Support to Other Sectors: Creative Industries Special Initiatives Last Modified
Mr. President announced a â‚Ś3 billion grant program - Project
Advancing Creativity and Technology (ACT) Nollywood, to encourage growth and stimulate job creation in Nigeria’s movie industry The program aims to improve and promote key components of the movie value chain through the provision of grants
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schemes designed to support existing or aspiring practitioners within the industry
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Macro Economic Management
Mobilizing Finances for Real Sector Activities
Support for Job Creation
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Supporting Structural Reforms
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SUPPORT FOR JOB CREATION
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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
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•
in the second round •
As at May, 2013, a total of 14,025 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 May 2013) NO. OF JOBS
SECTOR
NO. OF JOBS
North-Central
2,552
Agriculture
4,113
North-East
1,616
ICT & Media
1,893
North-West
2,159
Manufacturing
3,698
South-East
2,280
Retail
698
South-South
2,119
Others
3,623
South-West
3,299
Total
14,025
Total
14,025
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REGION
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SUPPORT FOR JOB CREATION
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COMMUNITY SERVICES SCHEME (CSS) & GRADUATE INTERNSHIP SCHEME (GIS) Community Services Scheme Last Modified
• 370,000 youth to be employed annually. • 178,000 Youth already employed.
Graduate Internship Scheme Printed
• Providing 50,000 graduates with internship in established privates sector organizations • 1,306 graduates placed so far
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THANK YOU!!! Printed
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