Deep in recession, the Federal Government says it is targeting GDP growth of at least 7% a year by 2020, compared to the 1.55% average contraction year-on-year in the first three quarters of 2016, a dismal performance compared to the 2.82% growth seen in 2015.
This was worsened by the national inflation also at an 11-year high of 18.55%.
A statement by the Ministry of Budget and National Planning said on Tuesday, the 7% GDP growth target is part of a medium-term economic recovery plan that seeks to address some of Nigeria’s issues.
“Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth,” Minister of Budget and National Planning Udoma Udo Udoma said at an economic forum on Monday, where he addressed private enterprise, according to the statement.
The plan’s priorities are agriculture and food security, energy, small businesses and industrialisation and stabilising the macroeconomic environment, the minister said.
“Nigerian growth faces various supply constraints including fuel, power, foreign exchange, and even business unfriendly regulation,” the statement added.
The recovery plan, the statement continued, would seek to address these issues, which have been blamed for the nationwide protest against economic hardship in the land and apparent government insensitivity.