Fg plans gdp growth of 7 to pull country out of recession udo udoma
You're referring to the 2017 budget speech delivered by Udoma Udo Udoma, the then Minister of Budget and National Planning, Nigeria.
In his speech, Udoma announced that the Federal Government of Nigeria planned to achieve a GDP growth rate of 7% in 2017 to pull the country out of recession. He stated that the government aimed to achieve this growth rate through a combination of fiscal and monetary policies, as well as structural reforms.
Some of the key measures outlined by Udoma to achieve the 7% GDP growth rate included:
- Increasing non-oil revenue: The government planned to increase non-oil revenue by 25% in 2017 through a combination of tax reforms, improved tax collection, and increased revenue from non-oil exports.
- Improving power supply: The government aimed to increase power supply by 4,000 megawatts in 2017 through the implementation of the Power Sector Recovery Programme.
- Enhancing agricultural production: The government planned to increase agricultural production by 10% in 2017 through the implementation of the Agricultural Transformation Agenda.
- Improving infrastructure: The government aimed to improve infrastructure development by increasing investment in roads, railways, and other critical infrastructure.
- Promoting industrialization: The government planned to promote industrialization by providing incentives for investors and improving the business environment.
However, the actual GDP growth rate in 2017 was 0.83%, which was lower than the target of 7%. The country's economy continued to face challenges, including a decline in oil prices, a decline in foreign investment, and a high level of debt.