Nigeria: 7% GDP Growth Achievable – Finance Minister
The federal government has directed the Economic Management Team (EMT) to strategise for Nigeria’s economic future, targeting a medium-term growth rate of seven per cent.
This next phase of the economic roadmap is expected to focus on unlocking rapid and sustained inclusive growth, anchored on a mix of fiscal discipline, investment incentives, and sector-specific interventions, a statement by Director Press at the ministry, Mohammed Manga, has said.
Chairing a strategic session of the EMT at the Ministry of Finance in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, led discussions on key macroeconomic developments, recent reforms, and policy directions expected to shape the country’s future.
According to a statement, the EMT meeting was convened to outline the economic plan that will be presented to President Bola Ahmed Tinubu. The plan is designed to build on early signs of stabilisation and focus on accelerating development that directly benefits citizens.
“Among the priorities identified by the EMT are efforts to strengthen Nigeria’s sovereign credit ratings, thereby reducing the cost of borrowing and enhancing investor confidence. To support these goals, the EMT subcommittees were assigned the task of formulating growth-enhancing policies at both the sectoral and macro levels.
“Key areas of focus include unlocking pension fund resources for infrastructure financing, increasing daily oil production, reducing the cost of oil exploration, and sustaining efforts to attract new domestic and foreign investments.
“These priorities will be supported by strategic communication of the administration’s economic agenda to all stakeholders,” the statement added.
By Daily Trust.
