News The African Way

Nigeria Emphasizes On Team Work To Get Out Of Recession

By Lontong Ibrahim

Nigeria’s Minister of Budget and National Planning, Udoma Udo Udoma, has called for team work among critical stakeholders to ensure speedy recovery and growth of the Nigerian economy.

According to him, the recovery task calls for maximum cooperation and understanding between Ministries, Departments and Agencies, and sustained synergy between the public and private sectors.

A statement by the Ministry’s Acting Director of Information, Ben Bem Goong, noted that the Minister made the call in his office in Abuja when he received the Executive Secretary and Chief Executive of the Nigerian Investment Promotion Commission, NIPC, Mrs. Yewande Sadiku, who was in the Ministry for a one-day working visit.

While explaining that one of the key elements of the recovery plan was hinged on the speedy development of critical infrastructure such as roads, rail and energy.

The Minister charged the NIPC to urgently mobilize the private sector to invest heavily in these areas, noting that with a population of over 170 million people and vast natural resources, the Nigerian economy was a gold mine with promising returns on investment practically all sectors of the country’s economy.

While expressing optimism that the country would exit recession sooner than expected, Udoma pointed out that the over-subscription of the country’s bond, the marginal drop in inflation rate and minimal stability being witnessed in the forex market in recent times as well as the raising profile of the foreign reserves were clear indicators of the journey out of recession.

He described NIPC as an important partner in the recovery plan, noting that their leadership qualities would provide the necessary impetus to the recovery drive.

The Minister further appealed to Nigerians to have faith in their country, economy and leadership.

Speaking earlier, NIPC Executive Secretary, Ms Yewande Sadiku, told the Minister that the Commission was working assiduously to promote the required synergy between investors and critical stakeholders in various sectors of the Nigerian economy.

She maintained that the Commission was mindful of the need for greater cooperation and coordination among stakeholders.

She also promised the Minister that her Commission would do its best to promote the ease of doing business within the area of its jurisdiction as part of its contribution to the recovery efforts.

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