Nigeria’s economic outlook for 2018 and over the medium term is very positive, the country’s Minister of Budget and National Planning, Udoma Udo Udoma says. The minister, according to a statement, gave the assurance while presenting a paper titled: “Delivering Economic Resilience and Growth” at the Financial Times Nigeria Summit in Lagos.
“The Federal Government has continued to roll out initiatives, such as the Economic Recovery and Growth Plan (ERGP) focus labs,” he said. “ERG is aimed at attracting sufficient private sector investments to ensure that Nigeria achieves the growth target of seven per cent by 2020.’’
According to him, the President Muhammadu Buhari administration inherited a challenged economy and the administration has succeeded in turning the situation around as the economy is now out of recession and growing again.
The minister said the collapse of oil prices in the global market from 111.8 dollars in June 2014 to as low as 30.7 dollars in January 2016 set the country’s economy on recession by the second quarter of 2016.
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