The document outlines key achievements of the Federal Ministry of Finance of Nigeria under Minister Dr. Ngozi Okonjo-Iweala. It details how the ministry created over 1.6 million new jobs through various employment programs, launched initiatives to drive industrialization and job creation, enhanced transparency in government financing, generated foreign direct investment, reformed subsidies, and established sovereign wealth funds to build economic stability. The achievements spanned areas like employment, agriculture, manufacturing, infrastructure development, and strengthening of governance and economic management.

1. Minister
Dr Ngozi Okonjo-Iweala
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Federal Ministry of Finance

2. Table of Content
• Introduction
• Key achievements

3. Key Achievements
• Created 1.6 million new jobs
under various programmes
including the Community
Service Scheme (CSS),
Graduate Internship Scheme
(GIS), Youth Enterprise with
Innovation in Nigeria
(YouWiN!) and the Subsidy
Reinvestment and
Empowerment Program
(SURE-P).
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4. • Created 250,000 jobs in the agriculture sector by enabling Dry
Season Farming in 10 Northern states.
• Launched the National Industrial Revolution Plan (NIRP) to
spearhead private sector-led industrialization by strengthening the
value chain of various manufacturing industries.
• Introduced SURE-P (The Subsidy Reinvestment and Empowerment
Programme), which has created 185,000 jobs across the country.
• Lowered government fiscal deficit from 3.35% of GDP in 2010 to
1% in 2014.
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Key Achievements

5. • Enhanced transparency in government financing through the
publication of monthly FAAC allocations to Federal, States, and Local
Governments.
• Hosted the World Economic Forum on Africa for the first time in
2014, showcasing Nigeria’s impressive economic growth to a global
audience and attracting further foreign investment.
• Generated $68bn in Foreign Direct Investment, with notable projects
including: Indorama’s $1.2bn fertilizer plant at Onne, Procter and
Gamble’s $250mn consumer goods plant in Ogun, and SAB Miller’s
$100mn brewery in Onitsha.
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Key Achievements

6. • Tackled fraud in the oil subsidy regime, identifying N370 billion in
fraudulent claims now targeted for recovery.
• Spearheaded the YouWIN programme, aimed at creating youth
employment and alleviating poverty. The programme will create
80,000 -110,000 jobs over 3 years.
• Initiated the Community Works Programme to create 370,000 jobs
in 3 years with all 36 states and the FCT benefitting.
• Established the Nigeria Sovereign Investment Authority (NSIA) to
manage the Sovereign Wealth Fund and oversee The Future
Generations Fund, The Nigeria Infrastructure Fund and The
Stabilization Fund.
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Key Achievements

7. • Remarkable progress in building buffers against economic shocks.
Excess Crude Account balances have improved from $4.22 billion in
August 2011 to $7.3 billion in August 2012
• Sovereign Wealth Fund successfully negotiated with Governors and
launched Agreement with Governors to boost Excess Crude Account
(ECA) to US$10 billion as buffer for hard times in event of further
Global Economic downturn
• Provision of N30 billion Guarantee to banks to enable the funding of
fertilizer procurement, thus helping the Federal Ministry of
Agricultural to replace the erstwhile subsidy programme with a new
one that targets farmers directly.
Key Achievements
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8. • The Initiation of Community Works Programme to create 370,000 jobs
in 3 years with all 36 states + FCT benefitting.
• Clean up of Police Pension Financial and Management issues and
restructuring of Police Pension Payment System.0
• Spearheading Ports Reform including reduction of number of agencies
at the Ports from 13 to 7, streamlining of bureaucratic and financial
requirements for clearance and decongestion of Apapa Road.
• Arrangement of alternative financing to the tune of US$7.9 billion for
2012-2014 including ongoing negotiation with China for a US$3.5
billion concessionary facility for infrastructure development in the
country.
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Key Achievements