Skip to main content

Nigeria's Economy Recovering Fast - Presidency


The Presidency has said the nation’s economy which is currently in recession is currently on course for recovery and growth.

This was contained in the 23rd newsletter published by the Presidency Office of Digital Engagement, a copy of which was posted on the official website of the Presidency, @AsoRock.

The Presidency said there were 11 reasons to prove that the nation’s economy was gradually coming out of recession.

It said, “After two consecutive quarters of negative growth, the non-oil economy showed, in Q3 2016, a modest return to positive territory, at 0.03 per cent.

“This was partly due to the continued good performance of agriculture and the solid minerals, two sectors prioritised by the Federal Government.

“Agriculture grew by 4.54 per cent in the quarter under consideration of which growth in crop production at nearly 5 per cent was at its highest since the first quarter of 2014. Growth in the solid mineral sector averaged about 7 per cent.”

According to the document, the Anchor Borrowers Programme of the Central Bank of Nigeria substantially raised local rice production in 2016.

It explained that yields improved from two tonnes per hectare to as much as seven tonnes per hectare in some states.

It added that the Fertilizer Intervention Project which involves a partnership with Morocco, for the supply of phosphate is on course to significantly raise local production, and bring the retail price of fertilizer down by about 30 per cent.

The government said the newly established Development Bank of Nigeria was taking off, with initial funding of $1.3bn provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development to provide medium and long-term loans to MSMEs.

It also disclosed that a new social housing programme tagged ‘Family Homes Fund’ is starting this year with a N100bn provision in the 2017 budget while the rest of the funding will come from the private sector.

“…Strategic Engagements with OPEC and in the Niger Delta have played an important part in raising our expected oil revenues. Already, Nigeria’s external reserves have grown by more than $4bn in the last three months.”

http://punchng.com/nigerias-economy-recovering-fast-presidency/

Comments

Post a Comment

Popular posts from this blog

Nigeria Army To Recruit 12,000 Soldiers - Buratai

Chief of Army Staff, COAS, Lt. Gen. Tukur Yusuf Buratai has disclosed that the Nigeria Army would recruit 12,000 men in 2017 to help fight insurgents and other uprisings across the country. Buratai was speaking during a budget defence session with the House of Representatives Committee on Army. According to him, the recruitment exercise would take place after the Army’s 2017 budget proposal of N152.8 billion is approved. He further revealed that the exercise would be in two batches with 6,000 men first and another 6,000 later. The army chief further explained that the Army was currently engaged in different operations in almost all the states of the federation, combating criminalities such as kidnapping, terrorism, pipeline vandalism, cattle rustling, among others. He complained that delay in release of funds was frustrating military operations nationwide, adding that the morale of troops must be boosted regularly. http://www.newshelm.com/2017/02/nigeria-army-to-recrui...
Post a Comment
Read more

Buhari’s Signature Forged To Sell $19m Crude Oil To China

President Muhammadu Buhari’s signature has been allegedly forged in order to sell $19 million worth of crude oil in China according to a House of Representatives member, Ehiozuwa Agbonayinma Agbonayinma also accused the Nigerian National Petroleum Corporation (NNPC) of gross corruption while appearing on Channels TV. “In this letter here, this is not President Buhari’s signature but it was forged by our people – by Nigerians who wanted to sell the crude in China worth about $19 million,” he said. “I tell you the truth, the .Attorney-General of the Federation (AGF) is also aware. We are working day and night to also do what is needed to get it right because he (the AGF) is the custodian of the laws in the nation “So, I’m saying I must tell you that the corruption in this country didn’t just start yesterday. It is a cancer, and to cure cancer, you need a radical approach getting the radical approach in this case means you have to step on peoples’ toes, which might affect those ...
Post a Comment
Read more

Soldiers arrest suspected robbery kingpins in Abia

Soldiers of the 14 Brigade, Ohafia, Abia State has arrested two suspected robbery kingpins who have allegedly been terrorizing motorists along Opobo – Azumini highway, in Ukwa East council area. It was gathered that the suspected robbery kingpin, Victor John and Nsikak Johnson, were nabbed by soldiers at a checkpoint along Azumini highway and handed over to Abia State Police Command. The state Commissioner of Police, Mr. Leye Oyebade, who confirmed the handover of the suspects to the police, said, “The synergy of the Abia State Police Command with sister agencies paid off, when officers of the Nigerian Army, 14 Brigade, Ohafia, on checkpoint at Azumini Road in Ukwa East, arrested the suspects and handed over to the operatives of the Anti-Kidnapping Section of the State Criminal and Intelligence Department. They confessed to the crime and effort is being intensified to arrest other members of their gang.”
Post a Comment
Read more