Home » Nigeria's economy

Tag - Nigeria’s economy

ANYAOKU TO NIGERIAN GOVT: Don’t ignore the views of US, UK, others

Amid mounting outcry, Anyaoku asks Nigerians to support border closure

President Muhammadu Buhari on Wednesday told members of his Presidential Economic Advisory Council (PEAC) that the economic growth of the country had not been fast enough to meet the national ambition of collective prosperity. He also told them that his government was commitment to lifting 100 million Nigerians out of poverty in 10 years, adding that the country must move forward with the home-grown solutions suitable to its local contexts. He told the council that he would be looking forward to receiving their baseline studies, which according to him, would help shape his administration’s economic efforts. Buhari spoke when he met with members of the council at the Presidential Villa, Abuja. He said, “I want to thank you for agreeing to serve Nigeria. Your task cannot be more important. Our goal is to lift 100 million Nigerians out of poverty in 10 years. “Yes we have exited the recession, but our economic growth rate is still not fast enough to meet our national ambition of collective prosperity. “We must move forward with the home-grown solutions, suitable to our local contexts. Our efforts must be both suitable and sustainable. I look forward to receiving your baseline studies as this will help shape our economic efforts. “All key MDAs will be available to meet with you and discuss how we can create a Nigeria that works for all”, he said. READ ALSO: Malami claims Nigerian government has become more transparent, accountable The President administered oaths of office on members of the newly constituted Council (PEAC), and set an agenda of what they should accomplish in the shortest possible time. Speaking at the meeting with the 8-man Council chaired by Prof. Doyin Salami, President Buhari charged them to focus on developing reliable data that will properly reflect what is happening in the country. The President said: ‘‘As you develop your baseline study, I would like you to focus on primary data collection. ‘‘Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies. ‘‘Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground. ‘‘This is disturbing as it implies we are not fully aware of what is happening in our own country. ‘‘We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities. ‘‘Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes. ‘‘As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.” The President also used the occasion to set agenda and expectations from the Council, constituted on September 16, 2019, to replace the Economic Management Team (EMT). On the Social Investment Programmes (SIPs), the President told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens. As such, the President said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East. ‘‘Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact. ‘‘In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations. ‘‘Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues. ‘‘I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future,’’ the President said. On his expectations from the council, the President urged them to proffer solutions on how to move the country and economy forward. The President directed the Council to coordinate and synthesize ideas and efforts on how to lift 100 million Nigerians out of poverty in 10 years, working in collaboration with various employment generating agencies of government. ''I am told you worked throughout last weekend in preparation for this meeting. ''I have listened attentively to findings and ideas on how to move the country and the economy forward. ''Yes, Nigeria has exited the recession. But our reported growth rate is still not fast enough to create the jobs we need to meet our national ambition of collective prosperity. ''Reason being we had to tread carefully in view of the mess we inherited. ''Many of the ideas we developed in the last four years were targeted at returning Nigeria back to the path of growth. ''I am sure you will also appreciate that during that time, our country was also facing serious challenges especially in the areas of insecurity and massive corruption. ''Therefore, I will be the first to admit that our plans were conservative. We had to avoid reckless and not well thought out policies. ''However, it was very clear to me after we exited the recession that we needed to re-energise our economic growth plans. This is what I expect from you, '' he said. President Buhari also assured the Council that the Federal Government will ensure that all their needs and requests were met before the next technical sessions in November. He said all key ministries, departments and agencies will be available to meet and discuss with them on how to collectively build a new Nigeria that caters for all. ''Now, no one person or a group of persons has a monopoly of knowledge or wisdom or patriotism. ''In the circumstances, you may feel free to co-opt, consult and defer to any knowledgeable person if in your opinion such a move enriches your deliberations and add to the quality of your decisions, '' he said. Chairman of Council, Professor Salami, said the mandate was about “Nigeria first, Nigeria second, and Nigeria always,” adding that it was about Nigerians, not as numbers, but as people. He added: “Our goal is that the economy grows in a manner that is rapid, inclusive, sustained and sustainable, so that Nigerians will feel the impact.” President Buhari had, in September 2019, constituted the EAC to advise him on economic policy matters, including fiscal analysis, economic growth; and a range of internal and global economic issues. He used the new economic team to replace the Economic Management Team (EMT), headed by his vice, Yemi Osinbajo.

Buhari admits Nigeria’s economic growth not fast enough, as he sets agenda for PEAC

Private sector got over N46trn in loans from banks in 9 months –NBS

BUSINESS WRAP: Breeze through major business highlights during the last 7 days

2019: Ogun councillors split over Dapo Abiodun/Akinlade

Nigeria’s economy risks going under if…Gov Abiodun

IMF says Nigeria debt to GDP ratio already risky

IMF expects more, raises Nigeria’s growth rate to 2.3%

PORTS: Reps, Emefiele on collision course over non-appearance before adhoc committee

Emefiele gets Senate’s nod as CBN Gov for another 5-yr tenure

Buhari Faces Hard Choices on Economy, Says Report

Collosal: Economy could lose $10 billion, experts warn

Udo Udoma contradicts IMF, predicts Nigeria's economy will grow by 3.1%

Udo Udoma contradicts IMF, predicts Nigeria’s economy will grow by 3.1%

Nigeria ranks a step higher in Foreign Direct Investment Projects to Africa

LCCI calls for urgent diversication of Nigeria’s economy

Six Chinese companies operating in Nigeria blacklisted by the World Bank over alleged corruption

World Bank delivers mixed verdict on Nigeria’s economy, projects fiscal deficit to widen

World Bank lowers Nigeria’s 2018 growth forecast to 1.9%

World Bank lowers Nigeria’s 2018 growth forecast to 1.9%

ICAN offers explanations for Nigeria’s stunted economy

ICAN offers explanations for Nigeria’s stunted economy

We haven't released latest unemployment report because Buhari govt has not funded us— NBS

Nigeria’s economy slows in Q2 2018 as fears of another recession rise

Nigeria attracted $30.45bn forex in Q4, CBN report shows

Nigeria attracted $30.45bn forex in Q4, CBN report shows

Nigeria’s economy won’t develop without adequate funding of R&D – NAS

Nigeria’s Economy Still Vulnerable —IMF

Nigeria’s economy still vulnerable —IMF

Dogara advocates low interest rates to growth Nigeria’s economy

Dogara advocates low interest rates to grow Nigeria’s economy

BUDGET 2017: Nigerian Govt to release N750bn to MDAs this December

We’ve built a buffer that allows Nigeria cope with low oil prices- Adeosun

Nigeria's economy to accelerate 2.5% in 2018, World Bank predicts

Nigeria’s economy to accelerate 2.5% in 2018, World Bank predicts

Despite glaring risks, IMF boss wants developing economies to remove trade barriers

Despite recession exit, Nigeria’s economy vulnerable- IMF

FG's VAT on import drops N3.58bn in Q1 2018

Nigeria’s GDP maintains upward trajectory following exit from recession, grew 1.4% in Q3

Is Nigeria's economy on the road to recovery?

Is Nigeria’s economy on the road to recovery?

2019: With minus zero scorecard, serial lies, you can’t win election, PDP tells APC

RECESSION: As long as Buhari’s ‘incompetence’ remains, more dangers ahead- PDP

Budget deficit concerns as OPEC limits Nigeria’s daily oil output

Budget deficit concerns as OPEC limits Nigeria’s daily oil output

In reverse fortunes, Nigeria to grow faster than S’Africa in 2018- IMF

In reverse fortunes, Nigeria to grow faster than S’Africa in 2018- IMF

Okonjo-Iweala says Nigeria’s economy won't grow unless....

Okonjo-Iweala says Nigeria’s economy won’t grow unless….

What CBN must do to rescue Nigeria's economy --Soludo

What CBN must do to rescue Nigeria’s economy –Soludo

Arewa Youths, IPOB leaders may be charged for terrorism

$4BN LOAN: World Bank, AfDB insist on Nigeria’s priority list on economic reform

Soludo, Sanusi part of those who put us in this mess –Presidency

Soludo, Sanusi part of those who put us in this mess –Presidency

Buhari’s Proposed Emergency Powers and how not to Kill a Nation

Buhari’s Proposed Emergency Powers and how not to Kill a Nation

FG offers N25bn lifeline to mass transit companies

Nigeria’s economy bleeds as 74 investors exit

The APC Mandate: So Far, So Bad!

The APC Mandate: So Far, So Bad! By Adeola Aderounmu