The Minister of Finance and the Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala yesterday disclosed that President Goodluck Jonathan’s administrated has delivered on stable macro-economy of the country.Dr. Iweala who spoke while giving her score-card at the 2014 Ministerial Platform attributed the stability to effective macro-economic management.
According to her, the macro-economic management done in conjunction with the Central Bank of Nigeria (CBN) by keeping the key parameters like exchange and interest rates stable are foundation upon which the economy is built.
The minister said, “in spite of the global uncertainty, our economy continues to evolve with dynamism, stability and resilience riding on sound macro-economic management even in the face of oil price and quantity shocks.”
She said that Nigeria’s GDP is one of the fastest growing in the world, adding that the GDP growth was estimated at 6.5% for 2013 and was expected to increase to 6.75% in 2014 considering the International Monetary Fund (IMF)’s projection growth rate of 7.0%. Okonjo-Iweala said, “inflation is coming down; inflation rate is at single digit now at 8.3% having dropped to 7-7% in February 2014 from 12.4% in May 2011.”
She gave other remarkable achievement to include the rebasing of the economy which she said has not been done in 24 years, noting that as a result, Nigeria is now the largest economy in Africa and the 26th in the world.
The Coordinating minister disclosed that government’s borrowing has also declined, saying that non-oil revenues are increasing and government was working to enhance them further.
She said that the ministry has the mandate to manage the nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities, which she said was done by given support to the real sectors of the economy.
In her remarks, the Permanent Secretary, Ministry of Information, Dr. Folasade Omolara Yemi-Esan said, the platform was created for Nigerians to hold their ministers accountable by asking necessary questions on notable achievements and activities.
She said, the platform was also put together to assess President Goodluck Jonathan’s administration especially with respect to the transformation agenda.