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Wednesday, May 10, 2017

FG reassures on Reforms to sustain Economy


The Federal Government has promised to implement daring reforms that would revive and sustain economic growth and development in the country. The Minister of Finance, Mrs Kemi Adeosun, made the promise in Abuja at the launch of the International Monetary Fund’s Regional Economic Outlook report on Sub-Saharan Africa. 

According to IMF report, Nigeria’s, real GDP is expected to grow at 0.8 per cent in 2017 and 1.9 per cent by 2018. The reports further said inflation would remain elevated at 17.5 per cent and fiscal deficit to deteriorate to 5 per cent of GDP in 2017. It also said GDP was projected to go from 19 per cent in 2016 to 20.1 per cent in 2017 and 20.4 per cent in 2018.
  

According to it, imports is expected to reduce from 13.8 per cent of GDP in 2017 to 12.4 per cent in 2018 and trade balance to improve by 1.5 per cent of GDP. IMF, however, said the growth projection was hinged on adequate implementation of policy actions such as the Federal Government’s Economic Recovery and Growth Plan (ERGP). Adeosun said that government was pursuing necessary reforms in areas of economic diversification, structural transformation, fiscal consolidation, public finance management and macro stability.

“Nigeria was one of the countries hardest hit by the commodity price decline. We have tried to mitigate these pressures through series of interventions, such as growing of the non-oil sector base through increased efficiency of tax and customs collections. We have also reduced cost of doing business, increased support for agriculture, infrastructure and manufacturing as well as reflating the economy through fiscal support to sub-nationals among several other measures".

“The security situation has improved considerably and investors’ confidence is on the increase. It is heartwarming to say that Nigeria will be out of recession soon,’’ she said.

Adeosun further said that the lessons derivable from the report was that, it was time sub-saharan countries take seriously the issue of exporting raw commodities with little or no value added. She tasked all 45 sub-saharan countries to implement reforms that would boost local production, help create jobs and achieve sustainable growth.

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