Recession: We Will Restore Economy To Path Of Sustainable Growth- FG

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has assured that the government will restore the Nigerian economy to the path of sustainable growth.

The Finance Minister said this on Monday during the 26th Nigerian Economic Summit held in Abuja.

The minister said the government is currently implementing series of programmes to reposition the economy since the outbreak of the Coronavirus pandemic.

Ahmed said, “Let me say that this administration is fully aware of the current economic situation and is working round the clock to reverse the trend and restore the economy on the path of sustainable inclusive growth.”

The Finance Minister disclosed that the government has developed a Sustainability Plan to cushion the effect of the COVID-19 pandemic and the resulting hardship.

She listed the measures to include actions to stimulate the economy by preventing business collapse through ensuring liquidity.

The minister said it is making effort to retain and create jobs through support to labour intensive sectors, including agriculture and direct labour interventions.

Ahmed also noted that the administration has embarked on growth enhancing and job creating infrastructural investments in roads, rails, bridges, solar power, and communications technologies.

She stated that the government is already promoting manufacturing and local production at all levels.

Ahmed said government is “Achieving self-sufficiency in critical sectors of our economy and curbing unnecessary demand for foreign exchange which might put pressure on the exchange rate.”

The minister, however, admitted that the country is not yet out of the woods, due to the negative impact of Covid-19, adding that the administration will continue to implement the right measures to get Africa’s largest economy back on track.