Nigeria’s Economic Growth is On Track, Says Yar’Adua

Abuja, Nigeria | February 02, 2009 by D-8 Secretariat

Yar'Adua: Nigerian economic growth is on track, as the administration had showed clear commitment to ensure economic empowerment of the people

The Federal Government last week in Abuja reiterated its stance that the nation’s economic outlook remained very favourable, in spite of current global financial crisis.

President Umaru Yar’Adua, gave the re-assurance while declaring open the 3rd Annual Micro-Finance Conference/Entrepreneurship Awards, organised by the Central Bank of Nigeria (CBN). He stated that the Federal Government had taken many bold and pragmatic steps to shield the economy from the negative effects of the global meltdown.

“Our economic growth is on track, buoyed by the strong performance of the non-oil sector.

“The provisional estimate of Nigeria’s GDP growth rate for the end of 2008 is an impressive 6.8 percent, compared with a 6.2 percent in 2007,” he said.

Yar’Adua, represented by Vice-President Goodluck Jonathan, said that the Presidential Steering Committee on the global economic crisis, made up of experienced professionals, would recommend more ways to cushion the impact of the global economic recession on Nigeria.

He said that the administration had showed clear commitment to ensure economic empowerment of the people and improve their living standards. He listed the launching of the Federal Government’s N50 billion Micro Credit Fund and Rural Development Strategy; the implementation of the Financial System Strategy 2020 and increased budgetary provisions for poverty alleviation as the administration’s programmes aimed at ensuring the empowerment.

“These initiatives are targeted at improving access to financial services by the majority of Nigerians, especially at the grassroots and will no doubt enable them to contribute to the growth and economic development of this nation,” he said. The president noted with delight that some individuals, governments and institutions which had made notable contributions to the micro-finance sub-sector would be honoured at the event.

He expressed the hope that the micro-finance sector would continue to provide the funding required for the engagement of the active poor in profitable economic activities, saying that “this will surely lead to improvement in standards of living among our people”.

In his remarks, CBN governor, Chukwuma Soludo, lamented that more than 35 percent of Nigerians operating bank accounts, had no access to micro-finance services.

He urged wealthy individuals, organisations as well as states and local governments to mainstream micro finance services in their respective areas so as to uplift the quality of life of the people.

The Delta State government received the Best Agriculture Credit Scheme Award, while Lagos State Government was awarded the Best Micro Finance Supporting State at the occasion.

D-8 Secretariat is very keen to encourage that Nigeria as member state of D-8 joins actively in D-8 Working Group on Microfinance and D-8 Working Group on Micro, Small and Medium Enterprises. Last year for Microfinance the meeting was in Jakarta, Indonesia, and for developing data and indicators of MSME was conducted in May 2007 in Islamabad,  Pakistan.

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