This Recession Will Not Exceed 2017 - Minister
If there is anything that Nigerians will want to see, it is an end to the recession that the economy of the oil-rich nation had officially slipped into in the second quarter of 2016.
Some persons say Nigeria is out of recession already. they believe it is inflation that the nation is battling with presently.
But to the average Nigerian, recession will end when the prices of goods that had moved up by 100% in some cases come down to a reasonable price.
The government has remained optimistic that the recession will end but several projections have been made for the end of recession.
Another projection is coming from the Minister of Budget and National Planning, Senator Udo Udoma.
He is reassuring Nigerians that the economy will be out of recession before the end of 2017.
Senator Udoma gave the assurance while addressing reporters after a meeting with members of the National Working Committee (NWC) of All Progressives Congress on the implementation of the 2017-2020 Economic Recovery and Growth Plan (ERGP).
Again the Minister told reporters that the President Muhammadu Buhari-led administration inherited an economy that was in bad shape.
He cited insecurity, massive corruption, unemployment, poor infrastructure, import dependent economy and other structural weaknesses, as issues Buhari’s administration inherited from the immediate past administration.
“APC promised to bring change to Nigerians; during the 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 3 promises,” the minister said.
On the plan to bring the economy out of recession and place it on a consistent growth pedestal, the Minister highlighted that the medium-term plan for 2017-2020 was developed after an extensive consultative process.
It is a plan built on previous sectoral plans, capturing key promises of the APC administration.
The minister gave further breakdown of the plan.
The ERGP’s outlook and major deliverables include 4.6% average real GDP growth rate over the plan period reaching 7% by 2020.
As contained in the plan over 15 million direct jobs would be created by 2020 in agriculture, manufacturing, and construction among other sectors.
Udoma said that Nigeria would attain self-sufficiency in rice and wheat production in 2018 and 2020 respectively.
There is also a projection of 60% reduction in imports of refined petroleum products by 2018 and net exporter of refined crude by 2020.
The implementation of the ERGP, much of the capital provision in the 2017 budget was directed at projects that were aligned with its core execution priorities.
Udoma further highlighted that the ERGP was a plan for all Nigerians, stressing that the cooperation of all was critical to ensure its success.