The Honourable Minister of State, Budget and National Planning, Prince Clem Ikanade Agba has stated that the National Bio-Economy strategic framework for Nigeria is expected to serve as key pillar to our Medium Term National Development Plan, adding that this is line with current administration’s policy thrust for economic diversification and growth.
The Minister made this assertion at the occasion of the 2-Day National Bio-Economy Strategy Workshop held today in Abuja.
According to the Minister, “the bio economy plays a dual role of promoting the growth and diversification of an economy and supporting the country in meeting its commitments in the Paris Agreement. Indeed, a well-crafted bio economy strategy will invariably address about half of the sustainable Development Goals”
Prince Agba noted that Nigeria as a tropical developing country has huge potentials in bios-resources, especially biomass which could be harnessed to create wealth, jobs, and enhance the growth and development of the Country.
The Minister further emphasized that the focus of the present administration still remains the tripod of fighting corruption, security and strengthening the economy, while noting that it is now history that Nigeria Economy was in recession, although some analysts still that argued that growth so far is fragile, but He argued that Nigeria’s real challenge is that of revenue, due to its narrow revenue base.
He underscored that the diversification of both the economy and the revenue bases have become critical and of immediate importance. Hence, the creation of bio-economy which covers all the economic sectors including Agriculture, Manufacturing, Building and construction, Power and Energy, Transportation, Health and Education will require creating new products and market that will enhance the growth of the Nigerian economy, thereby promoting its diversification.
Agba reiterated that the ERGP served as a blue print in steering the Nigerian economy away from recession to a path of positive growth end in 2020. “In this vein, the Ministry is in the process of preparing a successor Medium Term Development Plan from 2021-2025, which together with the agenda 2030 are expected to accentuate and provide a coordinated approach for harnessing the inherent potentials of the bio-economy, towards addressing the employment challenge in the country”, maintained Prince Agba.
Prince Agba said the challenges of fragile and low economic growth, low investment and foreign capital inflows, high rates of unemployment and incidence of poverty confronting the nation today could be significantly reversed using bio economy strategy.
The Minister noted that the National bio-economy strategic framework is to unleash our bio-economy potentials for the country, maintain that the framework will outline a shared vision and common objectives towards which every stakeholder would work to move the nation forward.
He also stated that the National Strategic frame work is a collaborative process involving all stakeholders in the public and private sectors, including the research community, industry and development partners.
In his welcome address, the Permanent Secretary Mr Ernest Umkhihe ably represented by the Director Monitoring and Evaluation Mr Zakari Lawal said that the bio economy holds the key to diversification of the Nigerian economy as the country has vast bio-resources and the technologies for harvesting them are now available.
Director Information, MBNP
January 30th 2020.