Nigeria to roll out it own Economic Stimulus

President Umaru Yar'Adua has directed all relevant government agencies to immediately work out incentive packages that would help cushion the impact of the global economic crisis on Nigerians.

This follows the recommedations of the Presidential Steering Committee on the Global Economic Crisis, which met last Tuesday, to work on a number of palliative measures for the short, medium and long terms.

According to a spokesman for the President, Olusegun Adeniyi, the stimulus will include "a package of incentives that will ginger production, increase the purchasing power of the ordinary man on the street and help generate employment opportunities. In the medium and long term strategies, aside infrastructural development, the government is looking in the direction of agriculture through commercial farming clusters and value chain, not only for food security but for employment generation. In the oil sector, the local content guidelines are being reviewed as a component of the reforms to give more leverage to our people."


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