The Minister of Budget and National Planning, Udoma Udo Udoma has attributed the surge in capital inflows into the country as an outcome of strenuous reforms embarked on by the President Mohammadu Buhari government, disclosing that Nigeria recorded $6 billion capital inflows in the first quarter of 2018.
The figure which is significant when compared to less than $1 recorded in 2017, he said, highlighted the positive economic outlook for the country this year.
Delivering a paper on the theme: “Delivering Economic Resilience and Growth” at the Financial Times Nigeria Summit in Lagos, Udoma stressed that efforts by the government to ensure the economy maintained its growth, identifying initiatives, such as the ERPG, as means to achieve targeted growth of 7 per cent for Nigeria’s economy by 2020.
The minister, who said the present administration inherited a challenged economy, pointed out that the Buhari-led government has succeeded in the turning around the situation as the economy is now out of recession and growing again.
Giving insights on how the government was able to exit the Nigeria economy from recession it fell into in 2016, he noted that Nigeria economy was brought back to live “with an expansionary 2016 Budget, supported by a Strategic Implementation Plan (SIP), consisting of a series of short term interventions aimed at reflating the economy.
“This was followed by the development of the Economic Recovery and Growth Plan (ERGP) in 2017, a medium term plan whose implementation has taken the country out of recession and will place the economy on the path of sustained, diversified and inclusive growth,” he said.
The minister who also acknowledged the government huge budgetary allocations for capital expenditure in the 2016 and 2017 fiscal years, added that reforms which it embarked upon earned the country recognition by World Bank as one of the top ten reforming countries in the world.
“A number of reform measures, such as the work being done by the Presidential Enabling Business Council (PEBEC), have resulted in the country becoming recognised by World Bank as one of the top ten countries in the world,” Udoma pointed out.
“In addition, the country has moved up 24 places in one year in the World Bank’s ease of doing business rankings.”