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By Merit Ibe, Lagos
The new president of Nigeria, Bola Ahmed Tinubu, has promised to boost the economy through the industrial policy which will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
Tinubu also assured investors both local and foreign that the government will review the multiple taxation and various anti-investment inhibitions.
The president made the disclosure yesterday in his inaugural address as the 16th President of Nigeria.
He said: “We target a higher GDP growth and to significantly reduce unemployment.
“We intend to accomplish this by taking the following steps:
“First, budgetary reform stimulating the economy without engendering inflation will be instituted.
“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.”
As part of steps for higher GDP growth, he said power generation would nearly double and transmission and distribution networks improved.
“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
“I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxations and various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.
“We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.”
