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Posted by on February 15, 2017. 6:17 pm

“11 Proofs That Show Recession Is Almost Over” – FG

The federal government has given 11 reasons why it believes that the economy is on its way out of recession that has rocked the nation for almost a year.
The government described the reasons as proofs in a report contained in Issue 23 of Aso Villa’s Newsletter titled: ‘Government at Work’

The reasons stated in the report are summarized as follows:

1. Over-Subscription of FG’s Eurobond.
According to the report, government targeted $1 billion but got $7.8 billion in one week, which has confirmed the confidence level of the international investment community in Nigeria’s economic reform agenda.

2. Growth in non-oil sector of the economy.

The report states that agriculture grew by 4.54%, crop production is at nearly 5% (its highest since the first quarter of 2014) and the solid mineral sector averaged about 7% during the third quarter of 2016.

3. The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria.

The programme substantially raised local rice production in 2016 (yields improved from two tonnes per hectare to as much as seven tonnes per hectare, in some states) and produced a model agricultural collaboration between Lagos and Kebbi states.

4. The Fertilizer Intervention Project.

According to the report, the project involves a partnership between the federal government and the government of Morocco, for the supply of phosphate. It is on course to significantly raise local production, and bring the retail price of fertilizer down by about 30 percent.

5. Take-off of the newly established Development Bank of Nigeria (DBN).
With an initial funding of US$1.3bn (provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development), medium and long-term loans to will be available for Micro, Small, Medium-scale Enterprises (MSME) for job creation.

6. A new Social Housing Programme.
The programme is kicking off in 2017. The ‘Family Homes Fund’ will take off with a 100 billion naira provision in the 2017 Budget. (The rest of the funding will come from the private sector).

7. More than N800 billion released for capital expenditure in the 2016 budget.
The report claimed that this is the largest ever capital spending within a single budget year in the history of Nigeria. These monies have enabled the resumption of work on several stalled projects – road, rail and power projects – across the country.

8. Implementation of the Social Investment and Empowerment Programme (SIP).
All the four components of the SIP, the report noted, have now taken off. It described the SIP as the largest and most ambitious social safety net programme in the history of Nigeria, with more than 1 million beneficiaries so far: – 200,000 N-Power beneficiaries, 23,400 Government Enterprise and Empowerment (GEEP) Scheme beneficiaries, 1,000,000 Homegrown School Feeding Programme (HGSFP) beneficiaries, and ongoing Conditional Cash Transfer (CCT) payments across nine pilot states.
It said:

9. Strategic Engagements with OPEC and in the Niger Delta
According the report, the engagements have played an important part in raising expected oil revenues. Already, Nigeria’s External Reserves have grown by more than $4 billion in the last three months.

10. Collaboration with China.
President Buhari’s April 2016 visit to China, has unlocked billion of dollars in infrastructure funding. Construction will begin on the first product of that collaboration, a 150km/hour rail line between Lagos and Ibadan, in Q1 2017.

11 The National Economic Recovery and Growth Plan (NERGP).
The Federal Government’s medium-term Economic Plan, is due for launch in February 2017, and will chart a course for the Nigerian economy over the next four years (2017 – 2020),” it stated

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25 Responses

  1. Gud

    by TP on Feb 15, 2017 at 6:32 pm

  2. dat is not proof at all. buhari can never make nigeria better .

    by celestine on Feb 15, 2017 at 6:40 pm

  3. Yet, things are still on the high

    by JohnnyWhite on Feb 15, 2017 at 7:06 pm

  4. if dis can b done Nigeria will b better dan b4

    by Abdulaz on Feb 15, 2017 at 7:15 pm

  5. Enemy of nigeria.@celestine

    by Horsfall on Feb 15, 2017 at 7:20 pm

  6. stop saying dat Nigeria can neva be better,it can be better@celestine

    by Nikky on Feb 15, 2017 at 7:26 pm

  7. Wel,i dnt believe all these things. If its true,y is the inflation of prices on goods and servcies still there?

    by Esty on Feb 15, 2017 at 7:47 pm

  8. Yet, we do not see any improvement,i will not believe anything there say,not until i see hardship and hunger been rolled out of our economy gradually if not completely

    by GOE on Feb 15, 2017 at 7:49 pm

  9. I pray and hope so oh

    by Favy on Feb 15, 2017 at 7:53 pm

  10. i only say dat nigeria can never be better with buhari dat what i mean.i have been trying to comment in d first post but is not showing.

    by celestine on Feb 15, 2017 at 8:07 pm

  11. Lier.@celestine

    by Horsfall on Feb 15, 2017 at 8:46 pm

  12. Until we see it

    by ABC on Feb 15, 2017 at 8:52 pm

  13. @horsfall am not a lier for god sake please don’t me what am not.

    by celestine on Feb 15, 2017 at 8:54 pm

  14. We
    Pray
    So
    oooo…

    by Deeper on Feb 15, 2017 at 9:11 pm

  15. celestine is right

    by Ben c on Feb 15, 2017 at 9:42 pm

  16. @ ben then go to another country.
    if nigeria is better is it not for our own benefit

    by oyemos on Feb 15, 2017 at 9:47 pm

  17. Buhari can not rulle Nigeria simple

    by Joshua on Feb 15, 2017 at 9:50 pm

  18. What kind of signs is this fis is not wat am expecting

    by Junior on Feb 15, 2017 at 11:18 pm

  19. Make we dey watch una first

    by ruff character on Feb 16, 2017 at 12:38 am

  20. let it be over jor

    by King on Feb 16, 2017 at 6:10 am

  21. Pls don’t make such a mistake again, cos if you are referring to the Almighty the first letter should be capital letter eg “God”. Not “god”.
    God is the almighty one in which we chriastians serve.
    While god is those carving images which are man made and are served by those witchcrafts or are you one of them?@celestine
    Pls take note and don’t make such a mistake again.

    by Horsfall on Feb 16, 2017 at 6:36 am

  22. The post-recession period will soon set in.That is when some wise Niggaz will make cool dough

    by Toria on Feb 16, 2017 at 6:44 am

  23. @horsfall what is d differet between dis two letters: G nd g, dose it mean anything in ur culture?

    by celestine on Feb 16, 2017 at 9:12 am

  24. @esty….he’s not a magician…
    if it were to be you.. you wouldn’t make all right at once..

    by olaitan on Feb 16, 2017 at 11:52 am

  25. this goodnews is 4 international market not 4 local market and datz what d current govt focus on,they dont care about d local market bcos they have d money 2 buy things at any given price they dont know we are suffering,my dear fellow nigerians lets pray 4 GOD intervention on our suffering.GOD intervene 4 d common man,our current govt failed in JESUS MIGHTY NAME.

    by milkyd on Mar 28, 2017 at 3:18 pm

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