Nigeria eyes Coronanomic reforms to keep start economy after oil slump

Date:

Nigeria is faced with an economic challenge that is unprecedented in its history and will need radical reforms to overcome it, the presidency said.

Thank you for reading this post, don't forget to subscribe!

“What we will need to do is something that is bold, radical and one that our people can understand and buy into,” Vice President Yemi Osinbajo said in an emailed statement.

The government will pursue mass housing , increase agricultural production, ensure improved local productivity through support for small businesses and “improve avenues to put more cash in the hands of our people and also make them productive,” said Osinbajo who chairs a committee formed by President Muhammadu Buhari to help the West African nation respond to the impact of lower oil prices on the economy.

Africa’s largest oil producer relies on crude sales for about 90% of export earnings and more than half of government revenues. Growth has averaged just above 2% in the past three years after recovering from its first annual contraction in a quarter of a century in 2016.

Share post:

Subscribe

Popular

More like this
Related

Troops rescues 16 kidnapped victims in Kaduna

March 19, 2024. Azonuchechi Chukwu. Troops of the Nigerian Army deployed...

IOM signs agreement with Japan to build 9 healthcare facilities in Adamawa

March 19, 2024. Azonuchechi Chukwu. The International Organization for Migration (IOM),...

FG raises N475.67 billion in March bond auction over rising rates rally

March 19, 2024. Azonuchechi Chukwu. The Federal Government has raised N475.67...

Naira closes at N1,597.24/$1 in the official market

March 19, 2024. Azonuchechi Chukwu. The official market observed a modest...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading