With the medium-term economic recovery plans outlined by the federal government, the country should pull out of recession soon.
According to the minister of Budget and National Planning, Senator Udoma Udo Udoma, the time frame for the plan is 2017-2020, as some 34 key actions selected for immediate implementation were already yielding results, especially the reforms in agriculture and solid minerals.
The idea is to drive Nigeria to a minimum GDP growth rate of 7 per cent within the planned period, reduce inflation, stabilize exchange rates and achieve a diversified and inclusive growth.
Udoma stated that, “In promoting national cohesion and social inclusion, the ultimate beneficiary of more inclusive growth is the average Nigerian man and woman. We recognize the power of markets to drive optimal behaviour among market participants. The plan to prioritize the use of the market as a means of resources allocation where possible and support a more business friendly economic environment.
The economic recovery and growth plan is rooted in the core values that define the Nigerian society and are enshrined in the 1999 Constitution, notably discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism.”
The minister further listed the immediate execution priorities of the recovery plan to include agriculture and food security, energy (power and petroleum), small business and industrialization, as well as stabilizing macroeconomic environment.
Source: The Guardian