Jean-Claude Juncker, President of the European Commission
The European Union (EU) says it is providing 80 million Euros to the World Bank-Assisted State Employment and Expenditure for Result (SEEFOR) projects in Bayelsa, Delta, Edo and Rivers.
Programme Manager, Economic Governance and Trade Cooperation Section, Mr Omotunde Oni, disclosed this on Thursday in Abuja at a National Validation Workshop on the Informal Sector Study of four SEEFOR States.
Oni explained that the workshop was timely as it would benefit the states and the Federal Government in utilising the potential of the informal sector for Nigeria’s economic growth.
He said the current developments in the Nigerian economy especially with the recession in oil revenues to the country and security challenges were negatively affecting oil production and export.
“There is a drastic reduction in the demand for Nigerian oil in the international market, occasioned by instability in the market and other intrusive factors.
“It is safe to assume that Nigeria will have to contend with the reality of continued reduction in oil revenue for sometime to come.
“Consequently, the impact of this reality on the Nigerian economy calls for urgent and concrete steps by government to ensure a long-term mitigation of the adverse effect of dependence on oil revenue.
“In this regard, it is instructive that the Federal Government is already planning and taking measures towards increasing non-oil revenue, blocking leakages in the oil sector and stabilising the foreign exchange regime,” he said.
Oni said there was need for concerted efforts by government towards ensuring adequate coverage, constructive engagement and integration of the informal sector into the mainstream of economic planning and development.
He said available statistics on Nigeria’s rebased Gross Domestic Product (GDP) put the informal sector as accounting for about 57 per cent of the country’s GDP.
According to him, yet this huge sector of the economy and its potential for economic …Read More
Source:: PM Newspaper