With Buhari’s Economic Recovery and Growth Plan, Nigeria recorded a 59.9 percent appreciation in exports between 2016 and 2017. It looks like really good economic growth for Nigeria especially with the diversification of income generators for the country.
During the Summit themed “Dispelling Uncertainty and Building Resilience” held in Lagos, Vice President Yemi Osinbajo and the Minister of Budget and Planning, Udoma Udo-Udoma revealed the progress report.
According to Udoma, the ERGP helped enormously as it brought a rise in exportation mainly driven by the non-oil sector. The agriculture sector experienced an impressive growth of N170 billion in 2017 compared to N6.7 billion in 2016.
The Country’s mineral export rose to N102 billion in 2017 from N44 billion in 2016. These recorded growths were also attributed to reviewed policies and made more favourable for people as the government focused on creating an environment for private sector investment.
Udoma said they have tackled issues that previously made Nigeria not competitive in times past, such as ease of acquiring land and getting visas.
Impressively, he said the country’s foreign reserve grew from $26.51 billion in 2016 to $44 billion in 2017. This doesn’t come as a surprise as tax revenue also rose significantly.
He said the country had also achieved 15 consecutive months of decline in inflation rate but acknowledged that it was still quite high and not where they want it to be, as their aim is for a single digit target at 9 percent; but in all, they are heading in the right direction.
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