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Nigeria

2017 Budget Prioritises Infrastructural Investment

As attention is now focused on implementing the huge budget signed into law recently by the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, analysis are analysing the 7.44 trillion Naira budget and its aftermath not only for the Nigerian economy but also for neighbouring countries like Cameroon whose economic links with Nigeria cannot be over emphasised. The 2017 financial projection christened “Budget of economic recovery and growth” lays emphasis on capital investment such infrastructural projects which includes roads, energy, ICTs, amongst others. Infrastructure development which according to the Federal Government is a driver to economic growth, will consume 56 per cent of the budget as against 30 per cent in 2015. Food security and creating platform for agro-business in agriculture supply chain as well as encouraging Small and Medium- sized enterprises are also important sectors the budget seek to address. The government also envisages special economic zones projects to be set up in the six geopolitical zones of Africa’s most populous country so as to spur manufacturing industries and export. With all these measures put in place, analyst see a huge economic potential for Cameroon which until now remains one of Nigeria’s economic partner. The construction of the Bamenda- Enugu corridor and the almost completed Kumba-Mamfe road, Cameroonian products especially agricultural produce stand a chance of feeding Nigerian agro-industries. As Nigeria strives to restore its economy to the path of sustainable and inclusive growth align to Nigeria Economic Recovery and Growth Plan (NERGP) 2017- 2020, trade links between the two neighbouring and brother nations is expected to increase with the passing of the budget.

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