By Providence Obuh
The Federal Government has announced a new guideline for contracts award in the country, stating that, henceforth, contracts to be approved, must be able to create jobs for a vast majority of people.
The Minister of Finance, Mr. Olusegun Aganga, who made this disclosure at the signing ceremony of Memorandum of Understanding between the Bank of Industry (BOI) and Dangote Foundation on the N5 billion Micro, Small and Medium Enterprises (MSME) fund, in Lagos, noted that the Federal Government is also considering granting certain waivers to companies providing employment for a vast majority of Nigerians. He said: “New guidelines for the approval of contracts by the Federal Executive Council now require that there must be a positive local content employment index before they approve for any council”.
Aganga said Nigeria needs to build a more inclusive society, meaning that every Nigerian should have equal access to economic and developmental opportunities, in addition to the economic benefits for this country, it will safeguard macro economic stability.
According to him, the Ministry of finance is working with the Federal Inland Revenue on providing fiscal incentives to companies that create new jobs.
“As Nigeria takes a step forward to becoming one of the leading economies in the world, it is extremely possible to ignore non-inclusive society, that is why creating productive jobs for our people is very important.
“On the consumer side, a consumer credit bill will be submitted to the National Assembly to improve access to credit for individuals, Nigeria needs to move beyond being a cash-based economy to grow further. In addition to this, we are at an advanced stage in creating a consumer credit branches scheme for made in Nigeria goods only,” he noted.
He disclosed that the country’s GDP in 2010 was highly acknowledged by both local and international institutions, he, however, lamented that the average man on the street has not felt the impact of this growth.
Going further, he stressed that these are the reasons why the administration of President Goodluck Ebele Jonathan has put job creation and poverty reduction at the forefront of his agenda for transformation of this country.
“In fact, building an inclusive society and job creation is one of the pillars of the government’s economic growth strategy. In addition to sourcing cheap and long-term capital for businesses, removing barriers to increase productivity and improving the environment for doing business are also important,” he said.