News The African Way

Nigeria Plans To Fight Recession Through Investors

By Winifred Bulus

Nigerian government says it has taken further steps to tackle the current recession in the country by motivating investors in sensitive sectors to promote economic growth and make the country self-sufficient.

The Minister of Budget and National Planning, Udoma Udo Udoma in a statement by his Media Adviser, Akpandem Jamess is working in accordance with the objective of the Economy Recovery and Growth Plan (ERGP) being developed by Government to arouse the country’s economy.

The senator told a group of Russian investors called the Renaissance Capital Group, in Abuja, food production and raw materials’ provision, power and petroleum resources development as well as industrialization and would give incentives to investors that would perform accordingly.

The three sectors according to him are sensitive to economic growth and sustainability and independence with agriculture providing food and raw materials for industries, power to help industries and petroleum resources for industrialization.

Growth and development in this sector will boost the economy and get to small scale business in the country.

The Minister of State in the Ministry, Zainab Ahmed, said infrastructural development will go a long way in the realization of economic growth in the country as part of the 2017 budget.

She also said, vigorous and well-planned strategies, right level of human capacity and policy modifications will promote the success of the economic sector.

The Chief Executive Officer of Renaissance Capital in Nigeria, Temi Popoola, acknowleged the task at hand and commended the government for admitting the challenges ahead as opposed to previous government that had been covering things up.

“We’ve seen a lot more of honesty to the scale of problems and challenges at hand”.

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