Sunday, March 7, 2021
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PUBLIC ENLIGHTENMENT ON ECONOMIC INITIATIVES OF THE FEDERAL GOVERNMENT OF NIGERIA Agriculture and Agribusiness remain the key to Nigeria’s economic diversification strategy Food security initiative promoting the “Grow What We Eat” and “Eat What We Grow” agenda Intensification of efforts to grow non-oil exports Creation of a financial stimulus package for the Nigerian economy Reduction of non-essential spending Support for MSMEs and the creation of jobs The NESP has been developed as a 12-month, 2.3 Trillion Naira ‘Transit’ Plan between the Economic Recovery and Growth Plan (ERGP) and the successor plan to the ERGP, which is currently in development.  Arising from the outbreak of COVID-19, every single economy in the world has suffered negative impacts, forcing the leadership of practically all countries to rush back to the drawing table to reconfigure projections and realities about their economies. In Nigeria, the need to stabilize the   economy and adopt fiscal policies and favourable trade regimes have been adopted following the recommendations of the Economic Sustainable Committee chaired  by Vice-President Yemi Osinbajo. THE COMMON FEARS: Evaluations and projections by multilateral organizations including the World Bank Group and the International Monetary Fund were scary. They warned that the world faces the worst recession since the Great Depression of the 1930s. The International Monetary Fund predicted that the global economy will contract by 3% this year as economies of countries around the world shrink at the fastest pace in decades.  The Fund added that a prolonged outbreak would test the ability of governments and central banks to control the crisis. The financial institutions warned that several countries could go into recession — that is a slowdown in economic activity. But it is noteworthy that even with the rabid pandemic shutting down economies of some First World nations, Nigeria’s external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May, 2020, which is enough to finance seven months of import commitments. The foregoing indicates that with the collective support of Nigerians at home and in the Diaspora, and proper management of the economy, the nation could successfully mitigate the economic effects of COVID-19 and prevent long-term downturn in economic activity. It is imperative to stress the fact that the understanding and cooperation of all Nigerians are required at this critical period to moderate the shocks that the economy is withstanding. UNDERSTANDING THE ADOPTED POLICIES: One of the highly remarkable decisions is the Presidential…

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