Thursday, 19 June 2014

Federal Government of Nigeria Records N28tr Private Investments in Three Years and makes it 26th Largest Economy in the World.

Federal Government has overshot its private sector investments target of N13 trillion as private businesses have invested about N28 trillion in Nigeria between 2010 and 2013.
Minister of Information, Labaran Maku, announced this on Wednesday as the Federal Executive Council (FEC) reviewed the First Implementation Plan for Vision 20:2020 agenda.
Having exceeded its target, the government feels proud and confident that President Goodluck Jonathan’s macroeconomic policies, as encapsulated in the first implementation plan, were recording appreciable results, said Maku.
The minister also declared that with Nigeria now the 26th largest economy in the world, up from 30th position in 2009, the quest to make it the world’s 20th biggest economy in 2020 is achievable.
This is more so as the next implementation plans for 2013 to 2017, and 2017 to 2020 are being vigorously worked on for approval by the FEC, Maku pointed out.
“One of the highlights of what we saw today was that under this period because of the present reforms that were really encapsulated in the take-off of the first national implementation, we have overshot by more than 100 per cent.
“The inflow of private sector investments in the economy we targeted was N13 trillion in the first plan but the initial report we saw today was that the private sector actually invested over N28 trillion in the economy in the period between 2010 and 2013, which was over 100 per cent above the initial target of N13 trillion.
“What the report shows is that the Nigerian economy is growing in leaps and bounds and that in spite of the challenges we have had in the Northern part of the country, investments are continually flowing into the economy, the economy is growing and we have moved from 30th position in the global economy to 26th position by the end of 2013.
“We are now 26th from 30th when we started in 2010. This shows that by the time we now implement the second plan which we are already working on between 2013 and 2017, we will be inching closer to the 20th position on the global economy by the size of GDP.
“And by the time we cross over from 2017 to 2020 all things being equal this nation will realise it’s dream of being among the 20 largest economy of GDP by 2020,” the minister said.
Maku said the report also showed consumer inflation in the country has come down to under 8 per cent from almost double digits about 2010.
“It is so evident and heart-warming that if we continue, the progress we have made in the last three years we believe what is being done through the Economic Management Team to ensure that the economy is properly managed with the macro-economic policies that have been implemented so far in the reforms,” he added.
The minister pledged that details of the report would be announced in the next two weeks and it would concern how the reforms that have taken place in all the key sectors have impacted on the economy, in terms of growth in GDP, investments, and job opportunities created.
Meanwhile, the President will on Tuesday perform the ground-breaking ceremony for the private sector funded multi-billion dollar Centenary City in a new district of Abuja to mark Nigeria’s 100 years of nationhood.
The FEC was also briefed by the Minister of Culture and Tourism, Edem Duke, on Nigeria’s hosting next month of the Fashion Industry Summit, a. Project of the World Fashion Organisation, which gave the country the hosting right.
Duke disclosed that a fallout of the summit will be the eventual setting up of a Fashion University in Nigeria, expected to graduate about 100 students every year. DAILY INDEPENDENT.

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