Featured Politics News

High population growth rate reduces impact of economic growth – Udoma

By Meletus EZE

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said the nation’s high population growth rate was hindering the impact of economic growth.

Udoma said at a news conference on Tuesday in Abuja, the Federal Government was working hard to increase the rate of Nigeria’s economic growth to meet the needs of the rising population.

“We have a lot more work to do because our population is growing at about three per cent, so unless we are growing at more than four per cent we will not really be able to feel the impact.

“So that is why we (the government) have to work even harder to get growth at the level which we want.

“We have to work much harder to get particularly agriculture which is the main stay and where over 20 per cent of the GDP comes from.

“It is also important that we work hard on issues that have to do with oil production, because we have to fire on all the indices,’’ he said.

Udoma said the reason for the reduced GDP growth in the second quarter was insecurity in agricultural belt and decline in oil production.

He said the government was, however, working hard to resolve the issues of insecurity to allow free movement in the country.

“We are of course concerned now with the flooding, a natural phenomenon, and we are also seeking to address the problem.

“The good news is that non-oil sector actually has been growing, the second quarter was 2.05 per cent and so we are encouraged by that growth.

On the ERGP, the minister said the government would continue to work hard to ensure it achieved the objectives of the plan as it was the focus of President Muhammadu Buhari’s administration.

He reiterated the achievements of the ERGP to include the country exiting recession, increased foreign reserves and export, which brought confidence to the country.

On the 2018 budget, Udoma said the Acting Finance Minister, Mrs Zainab Ahmed, had promised to focus on that and in no time we should start seeing remittance.

Also the Chief Executive Officer, Nigeria Economic Summit Group (NESG), Mr Laoye Jaiyeola, urged the Federal Government to ensure a conducive environment for foreign capital to flow into the country.

Jaiyeloa said: “Our point as private sector is that as much as possible, everything should be done so that we do not discourage foreign capital flow into Nigeria.

“In as much as we encourage the people coming in to abide by the laws of the land, we want people to bring in capital.

“And we will continue to work with the government to make sure that the environment for foreign capital flows is made very easy so that investors can come.

“We plead that as government begins to deal with infractions it should make sure that it is done in a way that it does not injure the economy or deter people from coming.

 

 

Related posts

FG to Realise N434bn from Sale of Omotosho Power Plant, Two Others

Our Reporter

CBN appoints new spokesperson

Editor

Bala-Usman’s suspension: Maritime stakeholders back FG’s action

Our Reporter

Withheld $1bn foreign airlines’ funds frustrating African market recovery –Walsh

Our Reporter

Police question 21-year-old student who allegedly killed her baby

Editor

Plane crash lands at Abuja airport

Editor