The Minister for Budget and National Planning, Udo Udoma, has announced that there are signs the national economy is on its way to recovery.
The minister made the announcement on Monday during a meeting with Ms. Yewande Sadiku, Executive Secretary for the Nigerian Investment Promotion Council (NIPC). Udoma noted that the economy which entered into recession in the third quarter of 2016 has started recovering.
Udoma said that the Federal Government is optimistic that the Economic Recovery and Growth Plan, which went into action three weeks ago would hasten the economic recovery.
The Minister also said that all hands need to be on deck as the government needs the contribution of the private sector in order to pull the country out of recession.
The NIPC noted in a statement that the Minister expects the NIPC to attract investments into infrastructure development, particularly from the private sector.
“Senator Udoma said the recovery task calls for maximum cooperation and understanding between Ministries, Departments and Agencies on one hand, and sustained synergy between the public and private sectors.
“Senator Udoma noted that the strong, resourceful, energetic and hardworking qualities of the NIPC leadership will provide the necessary impetus to the recovery drive.
“One of the key elements of the recovery plan is hinged on the speedy development of critical infrastructure such as roads, rail and energy, and the minister charged the NIPC to urgently mobilize the private sector to invest heavily in these areas.”
Udoma explained that Nigeria has enormous potential for economic greatness hinged on its large population and immense natural resources.