Nigeria’s Economic Growth Outlook Positive after Recession

Minister of Finance, Mrs. Kemi Adeosun, has said that the country’s economic outlook for 2018 and beyond was positive.

Adeosun, disclosed this at the 4th Ogun State Investors Forum in Abeokuta, which had in attendance Vice President Yemi Osinbajo, Governor Ibikunle Amosun of Ogun State, former Mexican President, Mr. Felipe Calderone, and eminent persons and captains of industry, news agency Voice of Nigeria reports.

The Minister also said the economy was now resilient after exiting recession and had the potentialities to achieve a seven percent economic growth in the next two to three years.

She said the current administration had succeeded in building macroeconomic resilience for the country through revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.

“President Muhammadu Buhari has laid the foundation for the repositioning of the economy with a series of reforms, which are being sequenced to ensure maximum impact and benefits to Nigeria and the citizens.

“These include massive investments in infrastructure and social welfare across the country, improved revenue mobilization, rebuilding of foreign reserves and stabilization of exchange rate.”

“The Nigerian economy had returned to growth in the second quarter of 2017 after five consecutive quarters of negative growth.

“The country exited recession with a growth of 0.72 percent, which was further consolidated with growths of 1.40 percent and 1.92 percent in the third and fourth quarters of last year, respectively,’’  she added.

Ogun State has attracted over $2bn investments —Amosun
In his address at the forum, tagged “Consolidating the Gains and Accelerating Growth,” Governor Ibikunle Amosun disclosed that the state attracted 148 new firms that invested between a minimum of $200 million and in excess of $2 billion in the past seven years.

He noted that the State Government had improved the enabling environment for businesses to thrive.

“No investment can flourish in an insecure environment. We made significant investments in our security infrastructure and architecture, and built strong collaborations with the security services, so as to guarantee the security of lives and property,” he said.

Amosun further noted that the State Government had entered into a partnership with a private firm to develop the Lisabi Independent Power Project in Abeokuta.

“This 12 megawatts power plant has been completed and is ready for commissioning. We have also signed MoUs with eight private power providers for the establishment of a total of 314 megawatts IPP in different parts of our state,” the Governor said.

He assured existing and prospective investors of safety of their investments in the state, adding that improved approaches had been adopted by the State Government to consolidate the gains of the last few years.