Nigeria targets 3-year 7% economic growth rate

By Chika Otuchikere
The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday, declared that Nigeriaa��s economic outlook for 2018 and beyond was brighter and has the potentials to achieve a seven per cent economic growth in the next two to three years.
Adeosun gave the hint at the fourth Ogun State Investorsa�� Forum on Tuesday and asserted that the current administration had succeeded in building macroeconomic resilience for the country, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.
She said: a�?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.
a�?These include massive investments in infrastructure and social welfare across the country, improved revenue mobilisation, rebuilding of foreign reserves and stabilisation of exchange rate,a�? he said.
The country exited recession in the second quarter of 2017 with a growth rate of 0.72 per cent, which was further consolidated with growths of 1.40 per cent and 1.92 per cent in the third and fourth quarters of last year, respectively.
The minister explained that the quick reversal of the recession meant a�?less damagea�? was done to the economy and provided an opportunity for faster positive growth.
As revenue and growth return, Adeosun said that the government would increase the fiscal space for infrastructure spending.
According to her, revenue mobilisation is potentially the master key to unlocking Nigeriaa��s huge growth potential and funding the infrastructure programmes.
a�?The Federal Government will continue to create more fiscal space for reforms to enhance productivity and opportunity in the non-oil sector. Greater focus will also be placed on cost efficiency, blocking revenue leakages and continued support to the States,a�? she added.
The event was attended by the Vice President, Prof. Yemi Osinbajo, Ogun State Governor, Senator Ibikunle Amosun, former President of Mexico, Mr. Felipe Calderone, and other eminent Nigerians.