Key Issues

NIGERIA TO EMERGE FROM RECESSION BEFORE END-2017, SAYS PLANNING MINISTER

ABUJA, Nigeria will emerge from the economic recession before the end of 2017, says Budget and National Planning Minister Udoma Udo Udoma.

He told journalists this after briefing members of the National Working Committee (NWC) of the ruling All Progressives Congress (APC) on the implementation of the 2017-2020 Economic Recovery and Growth Plan (ERGP).

He recalled that the President Muhammadu Buhari administration had inherited an economy which was in bad shape, citing insecurity, massive corruption, unemployment, poor infrastructure, an import dependent economy and other structural weaknesses as issues synonymous with the immediate past administration.

The APC promised to bring change to Nigerians; during the (election) campaign, President Buhari promised to tackle the security challenges, fight corruption and fix the broken economy. Mr President has remained irrevocably committed to delivering on these three promises,” he added.

He said that the medium-term plan for 2017-2020 was developed after an extensive consultative process and was built on previous sectoral plans, adding that it captured key promises of the APC administration.

According to the minister, the ERGP contains bold actions required to tackle the current challenges and build a resilient economy for the country. The plan was designed to get the economy out of recession onto a path of diversified, sustainable and inclusive growth.

He said the ERGP’s outlook and major deliverables included 4.6 per cent average real GDP growth rate over the plan period, reaching 7.0 per cent by 2020, while more than 15 million direct jobs would be created by 2020 in agriculture, manufacturing, and construction among other sectors.

Udoma said Nigeria would attain self-sufficiency in rice and wheat in 2018 and 2020 respectively. There would be 60 per cent reduction in imports of refined petroleum products by 2018 and Nigeria would become a net exporter of refined petroleum by 2020.

Source: NAM NEWS NETWORK