By; MATTHEW UKACHUNWA, Lagos
Economic template of Lagos State has been applauded by Minister of Finance, Mrs. Kemi Adeosun.
Adeosun expressed this appreciation at the 9th Bola Tinubu colloquium which took place in Lagos recently.
The finance minister disclosed that federal government has copied the template in order to achieve economic boom.
“The economic template we copied from you (Lagos State government) is now being implemented for economic recovery of the country, and we’re not ashamed of it,” Adeosun said.
The impact of the Lagos economic model is that “many of the states are now copying it,” she declared.
More attractive to these governments, she pointed out, is “especially in the area of IGR (internally generated revenue).”
Of concern to federal government in the commercial economy of the country under recession is a situation where 35 per cent of the country’s foreign exchange earnings are used for the importation of petrol and 20 per cent spent on importing food, Abdulrahaman Dambazzau, Minister of Internal Affairs who represented President Muhammad Buhari on the occasion said.
The core of government’s economic policy, he stressed, is government’s desire to support small and medium scale businesses.
He assured that government will promote the use of made in Nigeria goods as a means of revamping the economy.
Also at the event, Minister of Trade and Investment, Mr. Okechukwu Enelamah, said that government has resolved to improve Nigeria’s ranking in the World Bank’s Ease of Doing Business Index.
Nigeria is currently 169 out of 190 countries in the Ease of Doing Business Index.
Enelamah declared that government is building an environment is building an environment that will enable business to thrive, in order for the nation to achieve its economic growth target.
The theme of the colloquium was, “Make It In Nigeria: Make What We Use, Use What We Make.” The occasion focused on promoting entrepreuneutral and innovative spirit in Nigeria.