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The Minister of Finance , Mrs Zainab Ahmed, on Friday, said the Federal Government would continue to deploy fiscal policies that protect emerging industries and encourage investments in critical sectors of the economy .

Ahmed stated this in Abuja at the opening session of the 4th ECOWAS Finance Ministers ’ Meeting on the consolidation of ECOWAS Customs Union .
The meeting was held at the ECOWAS Commission headquarters in Abuja .

A statement from the Media Adviser to the Finance Minister, Mr Paul Abechi , quoted Ahmed as saying , “ Nigeria will continue to deploy fiscal policies to support or protect emerging industries , encourage investment in critical sectors , and promote local production.

“ This is with a view to achieving the effective implementation of the country’ s Agricultural Promotion Policy and the Nigeria Industrial Revolution Plan within the transitional period of five years of implementation. ”

According to Ahmed said , like every developing economy , Nigeria ’ s vision to industrialise is very strong , and this underscores why government is taking proactive steps to reduce the country’ s dependence on imports.

She said , “ We believe ECOWAS Common External Tariff 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 . Nigeria believes fervently that ECOWAS regional policies such as the CET, the customs union and other fiscal policies should aim seriously at achieving economic growth and industrialisation for member states , while reducing import dependency . ”

Ahmed said the economies of scale from successful economic integration should serve as catalysts for economic development of the region .

“ Nigeria , therefore , believes West Africa , while desiring integration into the global economy, should diversify its economy through manufacturing, processing of primary products and other forms of economic modernisation, ” the minister added .



Source:- punchng.com/govtll-protect-emerging-industries-through-fiscal-policies-minister/

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