
According to international firm KPMG*, “In terms of Nigeria’s economic policy, prospects have improved with President Goodluck Jonathan in the driving seat, with a strong technocratic economic team lending support.”
Over the course of his administration, Nigeria has become the preferred destination for foreign direct investment in Africa, leading to unprecedented economic growth and job creation.
Under President Jonathan’s leadership, the National Bureau of Statistics rebased Nigeria’s GDP, securing the country’s rightful place as the largest economy in Africa and the 26th largest economy in the world. The release of the rebased GDP data is part of a broader push by the Jonathan Administration to improve and update Nigeria’s statistics.
Achievements:
- Created 1.6 million new jobs under various programmes including the Community Service Scheme (CSS), Graduate Internship Scheme (GIS), Youth Enterprise with Innovation in Nigeria (YouWiN!) and the Subsidy Reinvestment and Empowerment Program (SURE-P).
- Created 250,000 jobs in the agriculture sector by enabling Dry Season Farming in 10 Northern states.
- Launched the National Industrial Revolution Plan (NIRP) to spearhead private sector-led industrialization by strengthening the value chain of various manufacturing industries.
- Introduced SURE-P (The Subsidy Reinvestment and Empowerment Programme), which has created 185,000 jobs across the country.
- Lowered government fiscal deficit from 3.35% of GDP in 2010 to 1% in 2014.
- Enhanced transparency in government financing through the publication of monthly FAAC allocations to Federal, States, and Local Governments.
- Hosted the World Economic Forum on Africa for the first time in 2014, showcasing Nigeria’s impressive economic growth to a global audience and attracting further foreign investment.
- Generated $68bn in Foreign Direct Investment, with notable projects including: Indorama’s $1.2bn fertilizer plant at Onne, Procter and Gamble’s $250mn consumer goods plant in Ogun, and SAB Miller’s $100mn brewery in Onitsha.
- Tackled fraud in the oil subsidy regime, identifying N370 billion in fraudulent claims now targeted for recovery.
- Spearheaded the YouWIN programme, aimed at creating youth employment and alleviating poverty. The programme will create 80,000 -110,000 jobs over 3 years.
- Initiated the Community Works Programme to create 370,000 jobs in 3 years with all 36 states and the FCT benefitting.
- Established the Nigeria Sovereign Investment Authority (NSIA) to manage the Sovereign Wealth Fund and oversee The Future Generations Fund, The Nigeria Infrastructure Fund and The Stabilization Fund.
*See “Nigerian Snapshot: 2013 Quarter 1,” KPMG / NKC
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