 and the fantastic speech made by the government, which, however, I mean must say, and this is from the bottom of my heart, that it was tremendously inspiring to me and to show that it works for me as well. The talk that I liked the most was really set at the best time that the girls come from the age of 50 60 years old. And I was very, very proud of you. Very, very proud of you. So, I'm pleased to think that perhaps it's very important that I not be a part of the way to go, maybe that you'll be a part of it real and I'm seriously considering doing that first. But I'm not really a part of what you're doing. So, I'm going to present to you some of the most important of the way in which he inspires us. I'm sure it's the great of students that they are and are glad that it is. Thank you very much. This is very special to me and I'm proud to be a part of it. In this, it's a great of confidence, great to be part of the international leadership of the leaders, regionals. The people's men's scholarship we deserve are on the digital only very strongly and very well-known for us. And of course, the theme is the alumni of the American group. I want to say first that my last statement made it quite easy. I think a lot of has been said already but I don't know where it is in particular. The aspects of the future are going to be my inspiration. I would also concentrate on providing some possibly physical or macro content for the variables from the people that they follow. I think it's important for all students to sort of understand things possibly from the perspective of the government or the federal government in particular. And I think that that's the problem with the expansion of some of the issues which I believe are waiting on. So I would like to briefly refer to some of the written developments in Nigeria and some of our thoughts and thoughts going forward. Very recently an article featured in the Newsweek magazine titled after the first super park is coming sooner than you think after the first super park is coming sooner than you think. That after the first super park of course is Nigeria. The the simple thing to believe what I was reading about is that despite Nigeria's challenges Nigeria faced the last major open market on earth the last major open market on earth and that like China and India its population and economic size with a very big economy of scale and a chart in the natural universe. And that's exactly where the point in our list where everything is working in our field and where really if we take the opportunity today things can only just grow dramatically as I'm suggesting. That's sweet. This first rule in China indicated that the establishment of a computer hardware manufacturing plant here in Nigeria more generally than this the course of the year the Mara Group of Pashi I also indicated that the percent of the manufacturing plant for Mara is in Nigeria Microsoft is set for its Africa sector here in Nigeria also all of these companies are currently in one direction and they're pointing in the direction of the incredible prospects that are coming up and it's not difficult to see why Nigeria remains an attractive destination for investments even with insufficiency I want to emphasize insufficiency 2.5 per hour group rate that is predicted for the national economy in 2030 comes to about 10 billion dollars that will fight the same group and this is bigger or just about the size of some of the economies to which Nigeria is often compared in Africa in all of the scale of the national economy in Africa in terms of such that even our relatively low growth is much bigger than several African economies the point there is a lot to happen here in Nigeria will further affect the rest of Africa and everyone is looking to what will happen here this is the one that I emphasize and I want to make the point just so that it makes comparisons Rwanda and South Africa are compared to the one that I mentioned has a GDP of 8.7 billion dollars as a 20 8.7 billion dollars the second country in terms of attribution has a GDP of 29.9 billion dollars that's almost three times the size of Rwanda's GDP and Rwanda's GDP has a GDP of 14.2 billion dollars the other state has a GDP of 8.8 billion dollars the other state has a GDP of 90 billion dollars the real state has a GDP of 14.2 billion dollars the other state has a GDP of 11.2 billion dollars so the number of individual states in Nigeria the number of states that are bigger in GDP terms than the whole Rwanda's GDP even down to which we are sometimes compared yeah it is 65.5 billion GDP in 2018 that is less than maybe we are almost 20 billion the whole Rwanda is compared to the so I found that sometimes when we are better off in my view look at countries that have the same size the same sort of architecture that we have so for example compared to India with Brazil, with China these are the countries that have the size that have the diversity and have the challenges that Nigeria has but perhaps not significant is that our growth rate of 35.5% is about being one of the population growth rate which means of course that we have a problem right there because we really need to make sure that our growth rate is wilder than our population at the moment that we are off in the city while the bright side of that is that the era of negative growth rate in that time was met so we can put this structure behind this and focus on ambitions of a high growth rate another often developed part of the Nigeria population is our huge diaspora we all know that over 6,000 countries are extremely low from our diaspora some believe that about 35 million dollars from formal sources so students of the Nigeria economy will tell you like this probably close to 40 million if informal flows are taken into account so the diaspora of course are not only green money but it also is a source of ideas innovation and investment and I'll give you one example there's a company called Co-360 Co-360 it's an action and start in the financial sector Co-360 was one of those startups that was the group that I took to Silicon Valley in 2018 in July 2018 it formed July 2018 it began to aggregate 10 to 20 million of operations and it bring about 30 million dollars in a serious area which are black by all times and Nigerian commercial products so not so long ago this company this company has already launched a company and it's already attracting huge investment but some of the companies are too young but here it is if they already did the second and the new and it will be also the example is the spirit of fixing the territorialized problem the people are proceeding to fill the gap in the artistic sector using technology they have now made it possible for providers of quality services to find cargo for their trailers on reserve terminals in effect bringing them the cost of transportation of goods by half the potential of the Nigerian economy is also being boosted in several agriculture in manufacturing in technology the story of the increased price production in Nigeria is well known and I think Dr. Agnes has already alluded to that today we are and estimate some in the order of 7.3 million metric tons of hydroels about 5 million metric tons in 2013 and that is just describing itself our potential is several times more several basically both throughout the day and a lot more investment is coming into the living several more companies are investing in living with more living we can actually do not completely invest in agriculture any of these phenomena in agriculture is the use of technology to attract cargo from the human sector these programs and there are about 17 of them at the last time there are about 17 different companies different companies and maybe they would encourage people to invest in agriculture without actually having to create the amount of money from us so what they do is that they crowd source farms for farms and given the huge interest in agriculture and the great ease of investment we've seen a huge increase in investment in agriculture and subscribed increases in agriculture to several others farm products, farm products that are tried by the grid these are the greatest the biggest farms the biggest farms are the management of farms for farms and for farms and people that you are like you don't want to go to a farm you don't want to go anywhere I am investing on those farms and I am going to become owners and take all of our farms and take millions of farms from farms this is an incredible view of agriculture and let's see the manufacturing the manufacturing the manufacturing the manufacturing the manufacturing the manufacturing now this is you to give the field of activities in the manufacturing sector and the output for the future it's still at about 16.8 8x points in the sector of productivity which is the highest level since November since November of 2017 but perhaps this differently is the fact that all component parts of the index such as inventory employment levels supply deliveries, new orders production levels we wanted a positive growth every one of those indexes is quite positive growth we want to look at the manufacturing sector and we see from what level this is to for instance which continues to make substantial investments in the Nigerian manufacturing sector through its subsidiaries Nigerian manufacturing company and Pekka Glass the Nigerian manufacturing company will soon be commissioning its actual direct fund which has taken the substantial part of our recent 500 million dollar investment in Nigeria while Pekka Glass which makes the part of the fund sector of the sector and for very few years has invested another 30 million dollars to expand its finance capacity and I do hope that all the sector of all sector continues to open up great promise just as the predation on a set we are looking forward to a 500 million dollar facility to encourage technology and development of a predatory operation in that sector and I do hope that we will have significant income and significant loans themselves about 1.2 million dollars out of the 492 million in funding for African startups ended up here in Nigeria where almost half of the entire market went down now as more competitive is the increasing use of competitive challenges within the economy the value of points of safe transactional BOS contractors is reported to have reached 3.2 trillion in 2019 3.2 trillion in 2019 as compared to 2.3 trillion in 2018 an increase of 70 percent while the volume has also increased by 1.53 million transactions as a total of 413 3.4 out of the 3 contractors in 2019 with the representation of payment service costs and important devotions now a sector of all these registered payment service costs and the increase in the minimum level at which some 50 is paid is now more than 1,000 dollars out of that we are set to see 1.2 lives in the use of electronic transactions with the attendant positive effect on the economy a creative industry and tourism are also subject of authority about the economic process the quality of offerings from our field industry and as a team in Nigeria not a good example I'm going to improve the economy level where it was the way to do that I can't think of the right audience and will be huge awards in terms of quantity now we go to the second largest film industry in the world producing about 50 movies every single movie the interesting thing is that the quality of such offerings has improved very greatly air traffic passing for example and this is also another indication of the times of movement to the economy that we see air traffic passing has improved a lot the economy at international level increased by many 7% in 2019 now this increase will partly be ascribed to a more friendly on the right side of regulation and to improve the district experience especially with regard to transportation and retail protection for the air traffic for business districts and retail stores but I want to emphasize the fact that with respect to well-working individuals who are interested in business business of course can do not the airport facilities there is a long line to learn about this but I want to emphasize that part of my business that would be the boomer that I made in business is this based on the right some people are right in fact now but I want to say that where we compare ourselves with businesses with countries all over business on the right is this fact of life helping the fact that practically all other countries today have this on the right for policies so you get that of course you make the right your applications and all that in some cases they make the applications on the right and when you get the best companies you are doing the business in some cases you are consistently receiving the data when you get that we must make it easy for people to come into Nigeria especially business to come into Nigeria the threats that we have the threats that we have from people coming in and the people of business there are more people breaking the borders in other ways the terrorists who are coming into Nigeria around the country who would have to contact them and on the other side we want people to help us and show it the people we should worry about who control those sorts of people who come on board who have a record the people we should worry about who they will contact those that want to carry out their past and are still trying to work for our daughters and all of the makeup challenges include what I call and I want you to emphasize this it is increased and maintained and enviroment for people to visit and then the second challenge is low revenue low revenue a point that we see is 3.6 trillion it was 3.9 trillion and there I got the 3090 I rate revenue as focused is about 8.4 trillion with the shortfall about 2.2 trillion so the reason of course is that we are not earning as much as we should be or as much as we should be it is a single barrier for some policies and taxes the same brings true for the states states are also not making enough most states do not generate enough revenue in one we have a problem of internally generating revenue not out of revenue in one year to pay their bills in one month and that is generally the case I am going to take a few examples I am not going to ask you for example IBM was 6.2 billion as a whole year in a month it makes roughly about 500 million in IBM so it is an entire IBM in one year but in 2018 ago its overall expected was about 172 billion which comes to about 14.8 billion every month so if you make 500 billion a month and you are spending close to 14 billion a month even if you are spending 10 billion a month it is hard to say that the state IBM was 11.2 billion that is about 933 billion a month just 100 billion what is expected was about 17 billion in a year that is about 14.9 billion every month so you make about a billion a month and you are spending close to about 14 billion if you state if you state an entire IBM in a year from the entire 6.5 billion 6.5 billion so if you state something about close to about 500 billion every month what is expected was 98.6 billion so it spreads about 500 billion every month and it reads about 500 billion every month so and these are and a quick three steps right on the way and we speak to state and the story of most of the states is that most and it is not because it is because we are alive on the center every way you rely on oil every way you rely on the hand give your hands on the oil I have told you at many times to members some of our problems in some of the states in the days of the region in the days for example of the western region all that they have was taxes and agriculture and the big 50% of that to the federal government and especially the 50% and we are going to do the 20% that I gave you today we have the same sources of income we have better educated we have more decisive we have more taxable accounts we have more we have the proof that we are going to find out in every case in the federal number one 50 years ago gave to the federal government so it is part and parcel very important that the business of growth is not just about the national economy it is about the soft national economy it is about each state determined to grow determined to charge that's only the number one problem so that they don't grow and this is the most recent in the state the state government are familiar with it the first of its kind since 1999 is in some ways an attempt to respond to some of the issues that are outlined namely the better governance environment and also better domestic urban mobilization there are reasons they are has two main purposes with extremely beneficial effect in the current economy the first is addressing the issue of domestic urban mobilization that's the issue of increasing capital 90 years ago there was already a very poor rate of taxes very very poor however people who are achieving this objective of this particular factor in finance is also calibrated by the college there are improvement in the ease of doing business in Europe are actively fostered by the sector now everyone agrees that the intake of commerce in any economy are the small medium size businesses everybody knows so for us the product of getting into finance are the specific incentives for small businesses so today the act presents small companies with a turnover of less than 25 million a year from companies in contact so companies that have a turnover less than 5 million migrant a year do not have to pay companies in contact from it between 25 million to 100 million a year will now pay complex taxes at a lower rate of 20% so there is a substantial amount of opportunity to enable companies in contact to be able to retain more of their profits so that it can grow faster well this is a bit of a finance act and not only with the promise but also for computing minimum tax for companies under a sector replacing that with a simple big rate of 0.5% for insurance companies also they are good news and let me just explain before the act the insurance companies were only allowed to carry forward 4 years of losses even when companies in other sectors to carry forward losses in different these are not money and not the reason not only can they carry forward their losses in different the special minimum tax for insurance companies are also more quality so in this respect that we treated like any other any other sectors so insurance companies have a big boost there for insurance companies from dividends and in good power they are also putting on the finance act to mitigate the risk of double taxation before now dividends period were like a tax that's why the fact that we bring up the subject of tax already and this is now no longer the case so now it is entirely possible to avoid that because there is no requirement of tax for tax this is a provision that also we need the respect of tax investment and dividend that are paid out in different sectors in other words these sources of income will no longer be at risk of double taxation so in coverage there is no requirement of taxes there is also a provision of tax to companies for early filing of their tax returns so if you file your tax return as a company you get a rate if you are a large company you get a 1% tax rate while many of the size companies will get a 2% tax rate just for early filing of tax returns for the money you earn especially in projects that are required with all tax rates on roads on buildings on power plant construction contracts is now reduced from 5% to 2.5% so if we fold it back from construction to infrastructure it is one down now from 5% to 2.5% so there is a great deal that is in there to improve the business environment businesses can do better to take more of their profits invest more of their profits and so I had the question also very good deal talked about increasing government which is the second aspect of what the finance sector has to do is a well known fact that I feel that the GDP has always been very low we need this one of the lowest this has except a very strong economic growth and limited the delivery of the most powerful government tax to GDP and this is very very low it has restricted the delivery of public amenities which has set up the provisions for tax universities the OECD looking at well known statistics in 2019 the GDP had about 5.7% and that is very very low and it estimates that I have slightly had an hour less than 3.5% which considering the level of economic activity is low as it constitutes a negative factor and it is still a low part of the tax system this is also considering the fact that the average tax 26 out of our countries is about 17.2% compared to our 5.6% which is about 0.5% higher than I did our tax GDP is also even for external investors they are looking at all of these indicators and they are asking them if domestic revenue is so low let's say about the economy so it is very important is it very important for the health of the economy and another area of revenue is the financial impact and so now of course you have heard that our financial impacts are very important as an increase and if you compare one of the compared to our VAT rates about about half of our countries the down after example has a rate of 12.5% VAT reduced it from 15% Cameroon has a VAT rate of 19.2% compared to our 1.5% even for 10% about 15% next going to provide an up at about 16% I have a while to look at what we want and we say we are increasing from 5% to 7.5% and what we also do is to say that we are going to accept those goods that impact the poor or have a home business so we have a very long list of exempted items basic food items for example in other words we do not pay more VAT for basic food items and this is now an example designed to encompass all food necessities and avoid any activities the new act has 16 very well integrated classes of food items for all the people that come from the VAT similarly these commodities like drugs locally manufactured sanitary towels pans, thermometers tuition fees all of the equipment from leather to pressure are also free from VAT also as a priority measure for micro and small enterprises we are now set at an almost on the bottom of $5,000,000 for companies which are reporting any from a lower than that they are not going to apply on the records for kids or regular working with others so if your company is making less than $25,000,000 and as a pressure they are not required to register for kids and you are not required to pay for kids for companies that are off the pressure the regular tax for companies that are off the pressure the regular tax of VAT will now be on a cash basis meaning that they will only regular the VAT charge for which they are receiving in the case of previous VAT regular taxes will be due when the consumer pay as opposed to when the contract is entered so the business can only recover in VAT and at an actual rate the biggest problem of VAT is our network cuts the management of the taxpayer's cash flows and it also removes the risk of consensus having to bear the fact that for customers to ultimately fail to pay their credit bills so far from that of the factory difference is that it will be additional revenue to the states the states start to benefit tremendously from the increase in the VAT at the moment the sharing formula for VAT is that local government gets 50% of VAT local government gets 25% of VAT local government gets 15% of VAT so an increase in VAT means an increase in VAT for state governments and many other state governments who are concerned about paying the minimum wage and also winning the capital of the business will of course find that this is the very well done improvement in the revenue cycle of the countries on taxation of digital companies and non-president companies before the finance act only companies that have physical presence or if they in Nigeria do not have physical presence if you are a company doing business in Nigeria so most digital companies that do not have physical presence make significant revenue from Nigeria for online activities such as advertising movie streaming, online gaming e-commerce and all those sorts of things from subscribers and they take no doubt for all of the people on the way from Nigeria so now we are all over able to fix this of physical address if I have that now provides I want you to have significant economic presence in Nigeria and that will be the key ones the built up key ones significant economic presence in Nigeria even if you are unrest if you are a restaurant anywhere in the world you are eligible to pay tax you are eligible to pay companies tax doing business in Nigeria and these are really products from Nigeria the Ministry of Finance to expect them to decide what is the real economic presence or what will be done by what the OECD has already done the OECD has already included where what will be the directs what will be the directs for what are these significant economic presence by a large it means that everybody what the time to call it to be the loo for is whether or not everybody has a sustained interaction with the economic life in our country so what the FRI has mentioned I think we could do it with the Secretary and how they will find out is whether or not they have generated income from Nigeria whether they have a huge increase in Nigeria whether they maintain an active website in Nigeria whether they have an important official contact from Nigeria so those are the kind of lives that will enable us to determine what are what are what will be the constituencies we find in our country and it will now be impossible for a digital company to do business in Nigeria and make money I think it is also important to look at what the CDF is doing to improve private flow to private investment to the private sector in Nigeria and this is important because the only way the next man can grow is by good flow of bubbles to the real sector when I come to the reform of global operations and also the LPL 5% interest at 6.5% interest rates can come onto and there is increased credit to the private sector and yesterday we heard that CRR will be going on at 7.5% to control the community but I think that where we are and where we are at the moment at 6.5% now at least it is sufficient in terms of bringing out the interest rates I would also see that already the interest rates on negative fixed income assets have already dropped to about 5.6% so we already see the situation where more money has to go to the private sector and I am not going to point out that much as we used to do the global business around the left part of the project of that concept is that our debt budget is also reduced because once our debt goes down the service is also reduced considerably so there is some on-site development but of course there is a few on-site at the moment current account is limited so there is a need to improve SPI flows those are foreign portfolio investment flows there is a need to improve our debt but we still need to improve SPI flows especially to keep our reserves well held and with no exchange rates of course no SPI flows but we expect that the economy will definitely improve especially with the real estate market getting a boost from cheaper credit also for the signing expect that 100 million from the oil sector I will think that this will be significant in terms of improving the capacity of the national government to fund major oil sector problems finally on infrastructure development our economic competitiveness depends a great deal on infrastructure it's not news that we have a major infrastructure difference that's not news anymore because in the last few years have been on investing in roads rail and power and also to go by and discover we have major recordings in practically every state of the federation some of the projects that I shared will be completed in 2020 this year that I believe everyone the dualization of the Sulejna-Mina road the Nauru-Jemba Hongkwa also has a major project in Niddee we give a human to a large of the human to a large of the human to a large of the human to a large of the human to a large of the human to a large I believe everyone are familiar with a lot of the jobs that some of the residents in the area exist in, but they're not allowed to build unless there are quick compensation. What is very complicated is the road and the bridge, which are built across the global traffic and we expect that that to be complicated. It's a collaboration between the energy and the federal government. The end of the road is a collaboration between the energy and the bridge, but the legal impact we expect and also the most legal strategy and legal. Of course, there are also several other legal programs. One of the important things to bear in mind about the real project, the legal standard of the real project, is the end of the task from the legal support. That's a very important part about the project because it is an example of a legal movement from the pop-up of King Anna and Pop-up out to the leader. That will significantly reduce some of the competition that we're experiencing in the world, especially the real problem that Pop-up has. We expect that action and people make this year so that the real, the legal standard of the legal standard actually begins from the Pop-up and is able to see a lot of goods out in the country. But it's very evident that the government, by itself, and the federal government, of state government, will never have the resources to build a drive to the pop-up of the task. It is impossible. The federal government should be an equal trajectory. The government itself is not equal. So there's a need to attract private sector funding into infrastructure development. That is the only way that we can do it for one point. So today we have adopted a number of innovative options. One of them is the investment tax credit scheme. This is the scheme by which the private company can get tax credits or reduction in tax to their own development. At the same time, it's one of two infrastructure projects. It will be made about 50%. So it can take the 50% credit for the amount of money that it invests in an infrastructure project. And because that the product is about passing the order zero to the second, that the technical order zero to the second, I'm going to construct a development that will function. So both of our two companies have gone through the process to receive the product tax credits that it needs. We had the energy, as I mentioned earlier, of the construction of the Domingo Doro with bridges and lots of equipment. The Domingo Doro is made also supported for the rehabilitation of the new project of Baitan and Kapa, the Domingo Doro. The Domingo Doro companies have applied for the scheme to receive the 50% expenditure tax credits. So the companies are set to invest in 19 new projects measuring about almost 800 new projects. And these are going to be prioritized across 116, of the 60 of the Domingo Doro. I'm going to spend, I think that there are some people in Amazon who have had an opportunity also for questions. I'm sure there will be a lot to talk about now. Perhaps I'll have a chance to speak a little more about when the questions are coming up. But I want to say that the prospects for the Domingo Doro project, prospects are right. The prospects are like any other project. Two things that I would like you to know about the Domingo Doro, one is improving the business environment. And short, small businesses can be right. That's a big idea to ask. And that's why we have a digital committee on the right and limited business environment. And that portion of our work is so important. And it's a very detailed one. And we're going to step by step to ensure that we're able to improve the business environment for the small businesses, for the small businesses. It's important to try to set up investments in all aspects of the business environment and show that the business environment is part of it. It's more important at the digital level. Everybody has a part to play. And I'm looking forward, I'm sending you people to the progress that we will see in the coming months. And I'm sure that all of you will participate in that progress. Thank you very much.