The federal government said is worried about Nigeria’s economic decline of -3.62 percent Gross Domestic Product, GDP recorded in the third quarter with the resultant effect of the recession, stating that it is working hard to reverse the trend.
Zainab Ahmed, the Minister of Finance gave this information at the 26th ongoing Nigerian Economic Summit, stating that the current administration is aware and is factoring in short and long-term plans that reverse the situation, expressing optimism that the economy will bounce back positively in Q1 2020.
She cited concerns of the coronavirus pandemic and Nigeria’s commitment to OPEC quotas as key factors that launched Nigeria into economic decline noting that there is still a silver lining in Nigeria’s economy with agriculture, telecommunications, quarrying, mining, food, and beverages, and construction shown resilience.
She stated that the federal government on the back of the Covid-19 pandemic has unveiled the Economic Sustainability Plan, to stimulate economic growth, direct labour interventions to support fragile economic situations.
The minister admittedly noted that the country is facing difficult times, but stated that progress is being made.
“The present administration is aware of the current economic realities and is working round the clock to reverse the current economic realities. To achieve this, we had an economic sustainability plan to cushion the effects of the pandemic.
The principles behind the Economic sustainable Plan of the federal government she said are to improve action that stimulates businesses and prevents them from collapse and ensuring growth.
She stated that the plan is also geared towards undertaking growth enhancement initiatives and supporting investments, as well as promoting local production and manufacturing.
Ahmed explained that the plan is geared towards achieving self-sufficiency and further lessen unnecessary demand for foreign exchange, as well as extending support to vulnerable groups and persons living with disability through focused spending.
The minister stated that the theme of this year’s economic summit was chosen to strengthen the multi-stakeholder alliance in complementing national strategies that will usher Nigeria into a decade of action.
“Going forward, the federal government will be working with the National and regional economic development plans.
The collaboration will help in developing successor economic plans that are currently being developed, she stated.
