Nigeria: Nigeria’s Economy On Course For Recovery And Growth – Presidency

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Nigeria: Nigeria's Economy On Course For Recovery And Growth - Presidency

Nigeria’s economy currently in recession is according to the Presidency on course for recovery and growth. This assertion was made in the 23rd newsletter published by the Presidency Office of Digital Engagement.

According to the report, the Presidency listed 11 reasons why the economy is on its way to recovery. “After two consecutive quarters of negative growth, the non-oil economy showed, in Q3 2016, a modest return to positive territory, at 0.03 per cent.

“This was partly due to the continued good performance of agriculture and the solid minerals, two sectors prioritised by the Federal Government.

“Agriculture grew by 4.54 per cent in the quarter under consideration of which growth in crop production at nearly 5 per cent was at its highest since the first quarter of 2014. Growth in the solid mineral sector averaged about 7 per cent.”

The publication also listed a substantial growth in local rice production in 2016, a direct result of the Central Bank’s Anchor Borrowing Programme. According to the statement, rice production increased from two tonnes per hectare to up to seven tonnes per hectare in some areas.

The Presidency also explained that the Fertilizer Intervention Project being carried out in partnership with Morocco was on course to bring down retail price by up to 30% by increasing local production.

Also announced was the taking off of the Development Bank of Nigeria, setup to provide medium and long-term loans to MSMEs. This bank is taking off with an initial funding of $1.3bn from the World Bank, German Development Bank, African Development Bank and Agence Française de Development.

It also announced the take off of the social housing programme – Family Homes Fund. According to the report, 100bn has been provided for this in the 2017 budget while the private sector with provide additional funding.

On oil revenue, Nigeria is said to have improved its expected oil revenue. This it said was achieved through Strategic Engagements with OPEC and in the Niger Delta. According to the Presidency “Nigeria’s external reserves have grown by more than $4bn in the last three months.”

Source: Punch

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