WE NEED MORE MONEY: Goodluck Jonathan says inadequate finance is impeding Nigeria’s economic growth

Lack of access to finance and inadequate electricity supply are among the major impediments to the country's economic growth, President Goodluck Jonathan has said.

Jonathan said this in a speech at the inauguration of the National Financial Inclusion Strategy in Abuja on Tuesday.

Jonathan, who was represented at the event by Vice-President Namadi Sambo, said the Federal Government was not happy that the N30bn security fund for agriculture had not achieved its desired objective.

He said, "This year, government provided security of N30bn to fund farms. That was not achieved. Government will continue to support the Central Bank of Nigeria's decisions that promote sustainable economic development. The private sector will not be able to perform its role if it lacks access to affordable financial services, which is what led to the launch of financial inclusion strategy today.

"Today, Nigeria stands as the least producer per capita and this has to change. The private sector, particularly SMEs, is the engine of economic development. This is why government is focusing on the enabling environment for private enterprises to thrive."

The President said through the financial inclusion programme initiated by the CBN, the government would address the problem of lack of access to finance, while other steps were being taken to address the issue of inadequate power supply.

These include the constructing of 10 new power plants, 90 per cent of which are completed and will add 5,000 megawatts to the national grid.

Jonathan said the Federal Government was constructing about 4,000 kilometres of transmission lines consisting of 330 and 120 lines with associated substations, expanding existing substations and transmission lines, and constructing hundreds of substations in all cities across the country.

The President had similarly said small and medium enterprises remained the major vehicle to create employment in an increasingly industrial world.

Jonathan spoke while receiving the United Nations Special Envoy for Financial Inclusion, Princess Maxima of Netherlands, at the Presidential Villa, Abuja.

He said financial inclusion was necessary if all citizens would directly feel the impact of growth in the economy.

via Punch
@TT_SOURCE