Nigeria will overcome the recession – President Buhari

Ben Adam Shemang, Abuja

President Muhammadu Buhari has given the assurance that his government will overcome the recession the country is going through.

President Buhari stated this when he declared open a ministerial retreat on the Nigerian economy.

He called in the economic experts to proffer workable solutions to the nation’s economy.

President Buhari said Nigerians should still be patient with his government but that there is hope at the end of the tunnel.

It is in this context that this Retreat has been designed to discuss issues around the State of the Economy and build consensus amongst Cabinet Members and top Government officials.

The Retreat will also serve as an opportunity to have a general overview of the economy and discuss the framework for the 2017 Budget, its key priorities and deliverables.

“This Retreat is coming at a critical time in our economic history, when the Nigerian economy is in a recession, with significant downturn in performance in various sectors.  It is with regard to the importance of this Retreat that I decided to sit through the first part of the session to listen to the views from experienced economists and development experts on how best to implement our plans to rid the country of its oil dependence and to diversify the economy and bring the country out of the current economic recession”, the President said.

“Given that this Retreat is a lead-up to the 2017 Budget, my expectation is that we
will come out of the these sessions with a determination and common position on how to have improved synergy amongst the various Ministries and Departments for the effective formulation and implementation of the 2017 Budget”, he added.

He said the challenges Nigeria is facing in the current recession require ‘out-of-the-box’ thinking, to deploy strategies that involve engaging meaningfully with the private sector, to raise the level of private sector investment in the economy as a whole.

“ We are confident that the level of private investment will grow as we are determined to make it easier to do business in Nigeria by the reforms we are introducing under the auspices of the Presidential Committee on Ease of Doing Business”, he assured them.

In a world where prices of crude oil keep going down, the president said Nigeria must look beyond oil and survive by patronizing Nigerian goods.

 “Let me reiterate that this Government will continue to strategize on how we can turn the current challenges into opportunities for our nation and especially for our vibrant youth on whose shoulders lies the future of this nation.  This is why we have embarked on measures and actions that will open up the opportunities we have seen in the Power, Housing, Agriculture, Mining, Trade and Investment, Information Communication Technology (ICT) Sectors, Tourism, Transport and othersectors”.

The theme of the Retreat is “Building Inter-ministerial Synergy for Effective Planning and Budgeting in Nigeria”