Nothing to show that FG’s targeted seven per cent growth between now, 2020 is feasible
Contrary to the latest permutation of the federal government that economy will hit seven per cent growth rate between now and 2020, experts have chided the speculation, saying there is yet nothing on ground to suggest that.
Business Hilights recalls that the Nigerian economy is currently on a mere 0.8 per cent it managed to hit between end of last year and first quarter of this year after exiting from recession same year.
The Minister of Budget and National Planning, Udoma Udo Udoma has said. Udoma, who spoke to journalists in Washington D.C. on the sidelines of the Spring meetings of the IMF/World Bank Group, said: “Our target is seven per cent in 2020 and that will make me comfortable; above seven per cent will make me even much more comfortable”.
Whereas he admitted that the pace of growth is very slow, the minister averred that “Even though we are working so hard, the rate of growth is still too slow. So we will like it to pick up, and that is why there is a need to work hard.
“They say the result for good result is more hard work, and so we are poised to continue to focus on the various measures on the ERGP. We believe that we are already seeing some positive results and we believe that we will get it.”
Several development economists had noted that for the economy to return to the fast lane of growth, government need to make forex access flexible so that manufacturers can do more business.
They also argued that dearth of production enabling infrastructure remains a key stumbling block to steady productivity as electricity supplies remain an issue of concern to many manufacturers.
