The federal government said it has implemented some strategic reforms to restore economic stability in the country.

Abbas Tajudeen, Speaker, House of Representatives, disclosed this on Saturday during the opening ceremony of the 45th Kaduna International Trade Fair in Kaduna.

The fair has the theme “Sustainable Economic Recovery Through the Deepening of Local Content Value Chains.”

The speaker, represented by Rep. James Barka (PDP-Adamawa), said recently that the federal government, major stakeholders and the National Assembly were determined to restore macro- and microeconomic stability in the country.

He said, “This year’s edition of the fair came at the right time, when efforts are being channelled towards achieving sustainable economic recovery in the country.

“There have been creative steps in policy reforms across all the sectors, with an intended focus on repositioning our nation as truly the economic giant of Africa, producing significant achievements in fiscal and monitoring consolidation.

“It is also expected that the resultant effects of these steps will lead to a reduction of the menace of insecurity affecting our economic growth, strengthening of our public service institutions and improvement in the overall business environment for increased productivity.

“We are beginning to see the dividends of the new policies of this administration with a boost in investment growth across major segments of the economy, attracting new foreign investors and returning the country back to a sustainable and inclusive road path.

“The road might appear rough, but I am happy; we are making significant progress.”

Mr Abbas said there was a specific improvement in the Nigerian non-oil sector in the last Bureau of Nigeria Statistics’s report, adding, “The quarter for the 2023 GDP report shows an improvement of 3.46 per cent growth from the previous growth of 2.54 per cent.

The speaker said, “We are surely not where we are expected to be at the moment but the good news is that we are not where we were yesterday. We are surely making progress.

“The theme of this year’s fair reminds us of the fact that Nigeria’s problems can only be resolved by Nigerians.

“We must all be ready to collaborate and support the federal government’s efforts in energising the economy through the creation of an investment-friendly environment.

“Our dear country, Nigeria, is blessed as a nation with abundant human and natural resources and the right policies for economic growth.

”With the economic willpower to implement the policies available, Nigeria has the capacity to become one of the global economic powers.”

Mr Abbas urged all the stakeholders to support the drive of the present administration to create an economy that has the capacity to bring prosperity to all Nigerians.

He added, “The 10th National Assembly is determined to ensure that business owners and investors in Nigeria’s economic space are specifically provided with a more conducive environment to succeed.

”The will succeed profitably with marginal returns on investments and their capital well protected with various business incentives currently under implementation by this current administration.

“It is time to roll up our sleeves and work for the common good of our people, for history beckons on all of us to do so.

“We will ensure that entrepreneurs in Nigeria receive all the necessary support needed to make significant contributions to creating a new Nigeria.

”This is to have the growth of a digitalised economy, sustainable employment for our teeming youth and make our country gain a frontline position as the bedrock for economic growth and development in Africa.”

According to Mr Abbas, the National Assembly wants the whole world to know that Nigeria is now open for business, adding, ”and we are ready to regain our position as the economic giant of Africa.”

Governor Uba Sani of Kaduna state, while declaring the trade fair opened, said the occasion was a celebration of the entrepreneurial spirit and economic vitality that defined the state.

The governor, who was represented by Yusuf Seleh, Permanent Secretary, Ministry of Business, Innovation and Technology, said that the state government will soon support 4,000 small and medium enterprises in the state with about N4 billion.

Mr Sani said, “This is to enhance the lifeblood of our economy and it is imperative that we provide them with the necessary tools and resources to flourish.

“Through this programme, we will offer financial assistance, training and mentorship to empower these businesses to grow and create job opportunities for our people.

“Also, the Kaduna State Government has signed into law the State Security Trust Fund.

”This is a very important step in enhancing the safety and security of our citizens and businesses.

“This fund will enable us to engage in cutting-edge security measures and technologies to ensure the protection of all residents and visitors in our dear state.”

Mr Sani said that he had also signed the financial inclusion agreement, underscoring the state government’s commitment  to improving access to affordable financial services regardless of income level or location.

He said, “By promoting financial inclusion, we are encouraging our people to save, invest and secure their financial future.” 

(NAN)