Recession will end before 2017 runs out, Udoma predicts
The Minister of Budget and National Planning, Udoma Udo Udoma, on Wednesday, said that the current recession in the country will end before this year runs out.
According to him, the yet to be passed 2017 Budget has been structured to achieve the goal.
He spoke with State House correspondents at the end of the Federal Executive Council (FEC) meeting.
He said: “Yes, we are determined to get the economy out of the recession before the end of this year. And the 2017 budget is structured to do just that.
“So that is why we are anxious to get the budget passed so that we can begin the implementation and begin to take all the steps we need to get the economy out of recession,” he said
He also disclosed that his ministry briefed the Council on the recently released National Bureau of Statistics Third Quarter GDP Report and the full report on 2016.
He added: “I also informed the council of the released of the Economic recovery Growth Plan which is already on the website of the ministry of budget and national planning as well as the budget office.
“We look forward to the early passage of the 2017 budget so that we can fast-track the implementation of the plan. As you know the plan fed into the 2017 budget. So many of the initiatives in the plan are reflected in the budget.
“With regards to the NBS report, as you are aware the fourth quarter of the economy contracted by 1.3 per cent which is lower level of contraction than the previous year and which indicates that we are already turning and we are beginning to recover even though we are still in recession.
“And the overall result was better than what many people projected. The IMF report had thought the GDP for 2016 was going to be -1.8 per cent and it turned out -1.5, so that’s better than expected but we are not out of the woods.
“It is encouraging but we have to do and continue to do more to make sure that we get the economy out of the recession this year.
“So we are encouraged but we are even more energised to put in more effort in agriculture which is doing very well to do even better. To put in more efforts in solid minerals to make sure that our infrastructure is revamped because that is what will stimulate our economy if we continue in this way.
“You saw yesterday (on Tuesday) the acting president went to break grounds for the railway from Lagos to Ibadan all the way to Kano. As you know, the economic recovery and growth plan focuses on three objectives, one, is restoring growth and that is what we are determined to do.
“Two, inviting in our people, our people are our greatest resource and three, building a competitive economy because ultimately the economy cannot do well unless it is competitive.
“And as you know the five priorities areas that we have are:
“So we are determined, with this plan, to get this economy great again. We are determined that by the end of the plan to move from the negative growth that we experienced in 2016 to the growth rate of 7 percent by 2020,” he assured.
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