Recession: There has been positive signs of economic recovery – FG

by Azeez Adeniyi

The Federal Government has said it has started seeing positive signs that the economy was recovering from recession.

The Minister for Budget and National Planning, Senator Udo Udoma, stated this at a meeting with the Executive Secretary, Nigerian Investment Promotion Council, Ms Yewande Sadiku.

Udoma said marginal reduction in inflation rate for the first time in 15 months, stability in the foreign exchange market and steady increase in the foreign exchange reserves were some of the signs.

He said another sign was the renewed investor confidence, which resulted in the oversubscription of the country’s $1bn Eurobond by eight times.

The Minister said the government will need the cooperation of all stakeholders for the successful implementation of the economic recovery plan.

The statement read in part, “Senator Udoma said the recovery task calls for maximum cooperation and understanding between the Ministries, Departments and Agencies on one hand, and sustained synergy between the public and private sectors.

“Senator Udoma noted that the strong, resourceful, energetic and hardworking qualities of the NIPC leadership would provide the necessary impetus to the recovery drive.

“One of the key elements of the recovery plan is hinged on the speedy development of critical infrastructure such as roads, rail and energy, and the minister charged the NIPC to urgently mobilise the private sector to invest heavily in these areas.”

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