“Federal executive council (FEC) meeting will hold tomorrow, Thursday October 26. Agenda is #Budget2018, which is currently being finalized,” the tweet read.
Browsing: Gross Domestic Product
“Recession is not about the price of your goods, not whether unemployment is going up or down, not whether you have quality education; it’s purely your gross domestic product.”
The minister stressed that one of the priority goals of the ministry is to position the mining sector to play a greater role in sustainably diversifying the country’s revenue base, creating jobs and fast-tracking industrialisation.
Osinbajo said, “Further to encourage more entrance and more investors, the Government is working to ensure implementation of a three-year tax holiday for new investors in the mining sector.”
The International Monetary Fund, IMF, projected that the nation’s indebtedness would hit 24.1 per cent of the Gross Domestic Product, GDP, by 2018, adding that by 2017, the nation’s debt profile would have reached 23 .3 per cent of the GDP.
“Nigeria is not in a position to beg for debt forgiveness. In spite of the present state of the economy, the country is still counted as a strong economy among other countries. The economic indicators show that Nigeria has a strong economy,” he said.
Emefiele noted that the positive indicators such as inflation moving upwards and GDP moving up from negative aggregate are indications that by the third quarter of the year, the country will be out of recession.
Nigeria, the continent’s most populous nation and a leading oil producer, was expected to return to growth in 2017 after a challenging 2016 characterised by recession, a dip in oil prices and energy shortages.
“This Plan, which succeeds the SIP, sets out Government’s economic programmes and strategic interventions over the next four years (2017-2020). When implemented, it will put Nigeria back on the path of diversified, inclusive, sustained growth. This is therefore, our blueprint for economic recovery and growth.”
he document stated that “The ERGP has set a GDP growth target of 4.62 per cent average annual growth between now and 2020. From the estimated negative growth of -1.54 per cent recorded in 2016, the real GDP is projected to grow to 2.19 per cent in 2017 and 4.8 per cent in 2018, before peaking at 7.0 per cent in 2020.”
