Towards the end of every year, Nigerians are always anxious about the government’s economic policies and the general spending plan for the coming year. These are expected to drive the growth and business prospect for the coming year. 2016 budget has been presented by President Muhammadu Buhari for legislative deliberation. No doubt, President has made lots of promises and disclosed his readiness to deliver the needed change to all Nigerians. The budget focuses on the revival of the critical sectors of the economy. Throughout his presentation, diversification strategy resonate. Government specifically intends to promote, support and ensure massive participation of citizenry and foreign partners in the non-oil sectors. Collaboration and capital injection into infrastructure and human capacity development are identified by the President as critical factors for small and large scale businesses growth.
In the coming year, small scale businesses will be trained on different financial techniques and loans will be provided through the cooperative societies. This is a practical way of creating a system of support for entrepreneurs. “We believe that this segment of our society is not only critical to our plan for growing small businesses, but it is also an important platform to create jobs and provide opportunities for entrepreneurs,” President Buhari stressed.
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With the government commitment of N635.4 billion to infrastructure development and upgrade in Works, Power, Housing and Transport sectors, the dire shortage and inadequate basic facilities for the transformation of business ideas into market by aspiring entrepreneurs would fade out in 2016. This gesture will also help established entrepreneurs in sustaining their businesses. As budget of change, according to the President, industry, commerce and investment will pick up within the short period. The huge investment in infrastructure will enhance ongoing reforms in the Agriculture, Solid Minerals and other core job creating sectors of our economy.
The enormous lack of a comprehensive training and skilled personnel will be solved through the revival of technical and vocational institutions. This effort will allow teeming youths and entrepreneurs to seize the opportunities that will arise from government’s economic diversification agenda.
Evidently, 2016 budget will enable the government to create more entrepreneurs, better-skilled entrepreneurs and build stronger, more productive and competitive businesses.
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