How nigeria is tackling recession with mmm bbc news
I think there may be some confusion here. MMM (Mavrodi Mondial Moneybox) is a Ponzi scheme that was popular in Nigeria and other parts of the world, not a government program to tackle recession.
However, I can provide some information on how Nigeria has been tackling its economic recession, which was officially declared in 2016.
According to BBC News, Nigeria's economy has been struggling due to a combination of factors, including a decline in oil prices, corruption, and a lack of diversification in the economy.
To tackle the recession, the Nigerian government has implemented several measures, including:
- Fiscal discipline: The government has been working to reduce its budget deficit and increase revenue through measures such as increasing taxes and reducing government spending.
- Monetary policy: The Central Bank of Nigeria (CBN) has been using monetary policy tools such as interest rates and reserve requirements to stabilize the economy and encourage lending.
- Structural reforms: The government has been working to implement structural reforms to improve the business environment, increase investment, and promote economic diversification.
- Infrastructure development: The government has been investing in infrastructure development, including roads, bridges, and power generation, to improve the country's competitiveness and attract investment.
- Social protection programs: The government has been implementing social protection programs to support vulnerable populations, including the poor and the unemployed.
Some specific initiatives that have been implemented to tackle the recession include:
- The Economic Recovery and Growth Plan (ERGP): This is a three-year plan that aims to stimulate economic growth and reduce poverty.
- The National Economic Empowerment and Development Strategy (NEEDS): This is a long-term plan that aims to promote economic development and reduce poverty.
- The Agricultural Transformation Agenda (ATA): This is a program that aims to promote agricultural development and increase food security.
- The Power Sector Recovery Program (PSRP): This is a program that aims to improve the power sector and increase electricity generation and distribution.
It's worth noting that while these initiatives have been implemented, Nigeria's economy is still recovering from the recession, and the country faces many challenges, including corruption, insecurity, and a lack of infrastructure.