We Are On Our Way Out Of Recession – Udo Udoma | Independent Newspapers Limited
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We Are On Our Way Out Of Recession – Udo Udoma

Posted: Sep 24, 2016 at 4:20 am   /   by   /   comments (1)

Bamidele Ogunwusi

Lagos – Minister of Budget and National Planning, Senator Udoma Udo Udoma, has stated that Nigeria’s current economic challenges are rooted in its reliance on a single commodity – crude oil – whose price and production have fallen, leading to a drastic fall in revenues.

The Minister said this in Lagos yesterday while briefing the press on the preparation of the 2016 National Economic Summit, which comes up from Monday, 10th – Wednesday, 12th October, 2016 at the Transcorp Hilton Hotel, Abuja with the theme “Made in Nigeria”.

He said that the Nigerian economy was currently in recession and faced with contracting GDP growth, rising inflation and unemployment rates, as well as declining level of external reserves because the country has failed to develop other sources of revenue. He, however, assured that the government was committed to redressing the situation.

His words: “Let’s use this opportunity to tell Nigerians that the government is committed to redressing the situation. Our goal is to unlock the economic potentials of the non-oil and high-employment sectors, so as to achieve a sustainable inclusive growth that will ensure that the majority of Nigerians become more productive, thereby reducing poverty. Thus, we are deliberately working towards diversifying the Nigerian economy by ensuring that the non-oil sector drives the economy because this is the sector that: contributes the most to GDP; and, has more capacity to employ.

“The basic strategy is to reflate the economy through fiscal stimulus and strategic implementation of annual budgets. What this means is that we are geared to strategically spend our way out of recession. Unfortunately, we have not met all our planned expenditures for 2016 due to low revenue outturns. However, we have ensured that the resources that we release are targeted at priorities that will stimulate activities in the economy. We are also developing a more robust monitoring and evaluation framework to track performance.

“The NES#22 is designed to encourage more production and consumption of Made in Nigeria goods and services. We believe that with more patronage Nigerian producers will be encouraged to improve the quality of their products. As the quality of our goods and services improve, international demand for them will increase. There is no doubt that the fastest route to grow our economy and to create jobs for our teeming population is by pursuing export led growth.

“Export led growth will add to our foreign reserves and stabilize the Naira”. The Minister said the government has started to implement the recommendations the  21st edition of the summit which was held last year.

Comments (1)

  • Dennis Uzim Sep 24, 2016 at 6:40 am Dennis Uzim

    Of course you will say that because your family don’t access items for their usage from common markets around.

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