NewsWest AfricaRecession-hit Nigeria targets economy to grow at annual 7 percent by 2020

Mon,20Nov2017

Posted on Tuesday, 07 February 2017 11:45

Recession-hit Nigeria targets economy to grow at annual 7 percent by 2020

By Reuters

Pedestrians shop in Balogun market in Lagos, Nigeria, Friday, Dec. 23, 2016. Photo: Sunday Alamba/AP/SIPANigeria is targeting economic growth of at least 7% a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years.

 

Nigeria's economy is heavily dependent on exports of crude oil and is undermined by decades of endemic corruption.

It has been hobbled by low global oil prices that have slashed government revenues and the availability of foreign currency.

In the third quarter of 2016, gross domestic product contracted 2.24% from a year earlier.

With inflation also at an 11-year high, frustration is rising, with protesters taking to the streets of Lagos on Monday to call for a change in government.

The 7% target for gross domestic product growth is part of a medium-term economic recovery plan that seeks to address some of Nigeria's issues, the budget ministry said in a statement.

Supply constraints

"Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth," Minister of Budget and National Planning Udoma Udo Udoma said at an economic forum on Monday, where he addressed private enterprise, according to the statement.

The plan's priorities are agriculture and food security, energy, small businesses and industrialisation and stabilising the macroeconomic environment, the minister said.

"Nigerian growth faces various supply constraints including fuel, power, foreign exchange, and even business unfriendly regulation," the statement said, adding that the recovery plan would seek to address these issues.

 



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