Nigeria targets 7% growth in 3years

The Minister of Finance, Mrs. Kemi Adeosun, disclosed yesterday that the country’s economic outlook for the year 2018 and beyond was positive.
She stated that the country was now resilient after exiting recession and has the potential to achieve a seven per cent economic growth in the next two to three years.
World rating agency, S&P recently rated Nigeria’s economy as stable The Minister gave this assurance at the fourth Ogun State Investors Forum attended by the Vice President, Prof. Yemi Osinbajo; Ogun State Governor, Senator Ibikunle Amosun; former President of Mexico, Mr. Felipe Calderone and eminent persons and captains of industries.
Adeosun disclosed that the current administration had succeeded in building macroeconomic resilience for the country, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.
She said, “President Muhammadu Buhari has laid the foundation for the repositioning of the economy with a series of reforms which are being sequenced to ensure maximum impact and benefits to Nigeria and the citizens.
“These include massive investments in infrastructure and social welfare across the country, improved revenue mobilisation, rebuilding of foreign reserves and stabilization of exchange rate.
” The Nigerian economy had returned to growth in the second quarter of 2017 after fi ve consecutive quarters of negative growth.
The country exited recession with a growth of 0.72 per cent, which was further consolidated with growths of 1.40 per cent and 1.92 per cent in the third and fourth quarters of last year, respectively.
The Minister explained that the quick reversal of the recession meant “less damage” was done to the economy and provided an opportunity for faster positive growth.
As revenue and growth return, Adeosun said the Government would increase the fiscal space for infrastructure spending

 

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