Nigeria Economy Rating: President Buhari Deserves Commendation

The recent announcement by the International Monetary Fund (IMF) that Nigeria has the largest economy in Africa, demonstrates the bounciness of the economy and the resilience of Nigerians in terms of coming out of recession.

Despite the worst economic recession Nigeria had faced in the last 29 years, the IMF, in its Economic Outlook Report for October, projected Nigeria as the biggest economy in Africa ahead of South Africa and Egypt.

The growth in the economy can be attributed to the massive capital investments that are being made by the Federal Government and the State governments. Nigeria will come out of this recession soon in a matter of time.

The present fiscal and monetary policies will boost the economy as well as expanded her growth.

All the necessary indicators and stimulants have been put in place and I believe that very soon, Nigerians will begin to reap the benefits of what is being done.

The key areas of immediate concerns to the Federal Government with regards to tackling the alarming economic situation are as follows:

§ Streamline the cost of government and improve efficiency of public service delivery across the Federal and Sub-national Governments.

§ Targeted spending on innovative social programmes and infrastructure, including social infrastructure.

§ Direct and model economic policies away from oil and towards non-oil revenues as global demand for oil decreases and supply increases.

§ Focus on delivery of basic services to the Nigerian population upon which business can be built and improved standard of living can be achieved.

§ Build revenue capacity across Sub-national Governments by increasing IGRs to reduce dependence on the Federal Government.

§ Alignment of fiscal and monetary policies across medium and long-term goals.

§ Increase investor confidence in Nigeria.
§ Increased revenue mobilization and plugging of leakages.

§ Greater focus on Power, Transport, and Housing because these areas help to create wealth.

§ Strengthen institutions of government across board including tackling corruption.

§ A financial sector that is strong, resilient and able to support the real economy.

§ Inclusive and sustainable growth – mobile communication, film industry, financial inclusion, among others.

With the above key areas, I am urging Nigerians to have confidence in the economy as we will surely come out of our present economic problems and the potential for growth are much higher.

Kelvin Adegbenga writes from Port Harcourt. @kelvinadegbenga [email protected]