President Muhammadu Buhari has praised Nigeria’s effort in exiting recession, citing the successful execution of the Economic Sustainability Plan, launched by the FG to tackle the effects of the Covid pandemic on the economy.
President Buhari disclosed this in his Democracy Day speech on Saturday, noting that the plan is primarily focused on non-oil sector growth.
what Buhari said
“CBN, BOI, N200 billion facility financed the operations of 60 new industrial hubs across the country, creating an estimated 890,000 jobs.
The CBN N50 billion textile facility increased capacity generation from 30% to 90%.
The Economic sustainability plan, our plan for the covid pandemic, is currently being executed, the plan is primarily focused on the non-oil sector which has recorded phenomenal growth, contributing over 90% to GDP growth in q1 2021.”
He added that although marginal, Nigeria recorded GDP growth over 2 quarters, stating that “this is evidence of successful execution of economic sustainability plan by the FG.”
What you should know
Under the Economic Sustainability Plan, Nairametrics reported that the FG’s plans include identifying fiscal measures for enhancing distributable oil and gas revenue, increasing non-oil revenues and reducing non-essential spending, proposing monetary policy measures in support of the plan, and providing a fiscal/monetary stimulus package, including support to private businesses.
Others include mass housing strategy, creating 1.8 million jobs, solar power strategy expected to create 250,000 jobs, digital economy strategy to create 1 million jobs for outsourcing, national gas expansion Programme to support the creation of 1 million jobs.
