Kemi Adeosun was in Lagos on Saturday, November 12, as one of the speakers at the Kingsway International Christian Centre (KICC), Lagos facilitated The Wealth Creation Platform. The honourable minister spoke on the state of the economy and how the government is cutting cost, and why they cannot stop fighting corruption even when corruption is fighting them back.
1. The federal government is working hard to bring the economy back to normal by investing in infrastructures which are long term project thus the masses yet to feel the effect.
2. Investment in infrastructure in Nigeria is one of the poorest in the world thus affecting the economy. So the federal government has picked on infrastructural development for two reasons, to create short-term job opportunities and then good roads, bridges, and power which in turn drive in investors into the country and then unlock the growth of the economy.
3. Since inception, the Buhari led administration has released N110 billion for capital projects. With N750 billion released many contractors who haven’t been paid since 2013 sat on the first payment made to them because they didn’t know when another payment will be made. But resumed work after the second payment of N350 billion was released to them then they went back to work. That is why you can see construction work going on Lagos-Ibadan expressway. The government will still pay them more before the end of the year.
4. Every part of Nigerian roads is in deplorable conditions. We are trying to do two things. One, get government money, secondly, we have created a road trust fund where we are going to source private money particularly pension money. In 2017 the government will invest massively on roads with private and foreign money.
5. Some roads in Nigeria will be tolled. The reason for that is if you spend four hours for a journey of 30 minutes you would have pay a toll, the wear and tear on your car, your fuel, your time so why not just quickly do the road and say to people pay to use the road. And once you bring in private money they have to get their money back and that’s what you will see in 2017, private money, pension money and even foreign investors.
6. Federal government is putting money into the development bank of Nigeria, that is bank to give low-cost loans to SMEs and we are hopeful that the bank will take off in 2017. That bank has $1.3 billion in capital that will be pumped down into SMEs through micro-finance banks and through commercial banks specifically for the SMEs at a lower interest rate.
Other speakers at the event include Folorunsho Alakija and Senior pastor and founder of KICC Pastor Matthew Ashimolowo.