Economy

Federal Govt Targets 2.5% Economic Growth By 2018

Federal Govt Targets 2.5% Economic Growth By 2018”

Abuja - The Minister of Budget and National Planning, Sen.

According to him, the Federal government Economic Recovery and Growth Plan (2016-2020) launched previous year envisaged 4.6 per cent restoration real GDP growth in 2017. Economic Adviser to the President, Dr. Yemi Dipeolu, who called for measured caution, also noted that the economy remained vulnerable to "exogenous shocks or policy slippages" and that it was imperative to intensify the implementation of the Economic Recovery and Growth Plan (ERGP) as well as diversification of the economy to achieve the desired results.

"Now that we have accomplished the first task, attention will now be on growing the economy as rapidly as we can".

"We are happy that people are beginning to see the results of the efforts we have been putting through in the last two years to get the economy back on track".

He said the government would also continue the efforts to ensure that inflation rate, which has come down from 18 to 16 per cent, is further brought down; continue to build up the foreign reserves, which has hit a 30-month high of $31.8 billion as at July this year and ensure the sustenance of the Social Intervention Programme, among others.

Resource persons at the workshop, facilitated by University of Ibadan-based Bablink Consultancy Services, included Dr Mike Folorunson, who spoke on Industrial Information Management in a Developing Economy and Leadership Models & Emotional Intelligence; Dr Orji Olasupo spoke on The Impact of Contributory Pension Scheme to Nigeria's Economic Development; Dr Akinoyo C. They posited that an economy that did not generate jobs but increasing unemployment rate can not just crawl out of recession as claimed by the National Bureau of Statistics (NBS).

Udoma said it was gratifying to note that the growth recorded was broad-based, as the non-oil sector showed improvements in the last two quarters. 55 per cent, a leap from the negative figure of -0.52 per cent recorded in the first quarter and year on year growth of 2.04 percent from Q2 2016.

The minister said that the sector, which was negative for most parts of 2015 and throughout 2016, turned positive in the first quarter of 2017 and increased by 0.64 per cent in the second quarter.

The Minister, however, admitted that it was still early days as much more work needs to be done to ensure that the growth is sustained.

"Nigeria economic recovery is elusive with constant avoidable work stoppages and loss of human hours in an economy trying to exit recession".

The growth was attributed to the performance of four main economic activities - oil, agriculture, manufacturing, and trade.

Indeed, this particular decline in growth was believed to have marked the worst recession in Nigeria's history since the Ibrahim Babangida regime, when the economy declined by 0.51 per cent and 0.82 per cent in two consecutive quarters in 1987.



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