President of the Senate, Ahmed Lawan, has expressed optimism that the Nigerian economy is being steered on the path of growth, despite the prevailing challenges.
Lawan made the statement while speaking at the Nigeria/International Monetary Fund (IMF) Article lV Consultation virtual exercise on Thursday.
Nigeria on the path of growth despite challenges – Senate President tells IMF
— President of the Senate (@SPNigeria) November 12, 2020
The Senate President said the exercise was a “veritable platform to share our experiences on steering our economy on the path of growth, despite challenges.”
He disclosed that the government has been swift to react to key challenges faced in recent times and the challenges have made the present administration manage resources prudently with transparency and accountability.
The focus now is on sustaining investments in infrastructure and utilities, trusting in their capacities to stimulate economic activities, enhance growth, and thereafter improve the people’s standard of living
Lawan cataloged efforts being made by the Nigerian government at promoting economic growth and reducing poverty in the country. He told the participants at the virtual exercise that Nigeria had to confront the challenge of limited resources, not just because of unpredictable revenue from Oil, but also because of the COVID-19 pandemic.
Speaking at the exercise, Lawan said,
“The problems have made us improve our efforts in the prudent management of resources, and in transparency and accountability. Our focus has been on sustaining investments in infrastructure and utilities, trusting in their capacities to stimulate economic activities, enhance growth, and thereafter improve the people’s standard of living.
“Government has continued with its anti-corruption crusade, aside from a pledge to ensure discipline in the public expenditure process. Our recent experiences call for further caution in the management of resources, just as it has been another reminder of the need to increase the drive for diversification.
“Beyond Oil, greater regard is now being paid to the steel, the mining, and the agriculture sectors. The potentials in these sectors are significant for revenue generation and for job creation.”
What you should know
It would be recalled that in June, 2020, the IMF announced that the Nigerian economy would witness a deeper contraction of 5.4% and not the 3.4% it projected in April 2020. IMF said the forecast was influenced by the larger than expected storms to global value chains due to the coronavirus, affecting global demand for goods and services.