- The Nigerian government yesterday announced it had earned naira 209.2 billion (euro 1.3 billion) in excess revenue between January and May 2004. Last week, Nigeria's Central Bank further had announced the country's economy had grown at a record rate of 10.2 percent in 2003. Growth is mostly driven by the oil sector and record oil prices are producing more excess revenues.
Nigerian Minister of Finance, Ngozi Okonjo-Iweala, made this announcement while exchanging views with journalists in her Abuja office recently. While saying that government revenues already had exceeded budgets by naira 209.2 billion so far this year, she did not detail the background for these record numbers.
The excess revenue is however believed to stem from Nigeria's vast oil sector, which has entered joyful times. Due to the instability in Iraq, oil prices lately have stabilised on record levels, exceeding US$ 40 per barrel. Nigeria, although an OPEC member, further has produced as much crude oil as the country's infrastructure allows, harvesting maximal revenues.
Minister Okonjo-Iweala further disclosed to the press that the second quarter 2004 capital allocation of about naira 90 billion (euro 550 million) would be released to Nigeria's federal ministries and agencies on 27 May. Fresh money thus was on its way and budget could be revised upwards.
The good news about this year's revenues came only days after the Central Bank of Nigeria had announced that last year's economic growth had been a record-breaker. "The real gross domestic product (GDP), measured at 1990 constant prices, grew by an impressive 10.2 percent [in 2003], compared to the 3.5 percent achieved in 2002," Bank Governor Joseph Sanusi said at an economic forum in Lagos.
According to the figures presented by Mr Sanusi, oil products had registered a growth of 23.9 percent during last year, while aggregate non-oil output grew by 4.5 percent. The Bank Governor was also optimistic about further strong growth in 2004.
Meanwhile, Minister Okonjo-Iweala has inaugurated a Presidential Committee to work with British Aviation mogul, Sir Richard Blanson - owner of Virgin Airline - who has "indicated his willingness to invest in various sectors of the Nigerian economy, including telecommunications, transport and urban mass transit system," the Nigerian federal government said in a press release yesterday.
- The committee, chaired by her, has the Ministers of Transport, Aviation, Communications, Federal Capital Territory as members, the statement added. Also in the committee are representatives of the Bureau for Public Enterprises, The Nigerian Investment Promotion Council, the Nigerian Railway Corporation, and Mtel.
Addressing the committee members in her officer recently Minister Okonjo-Iweala had "expressed happiness" about the positive response the nation's reform process has elicited worldwide, with investors ready to bring in funds to develop the economy.
She further expressed optimism that the stream of investments coming into the country would result in the "overall improvement of the economy and job creation, very soon," according to the Nigerian government.
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