The Coordinating Minister of the
Economy, Dr. (Mrs), Ngozi Okonjo-
Iweala, has said the nation’s economy
is on course and getting stronger.
In her mid-term report as part of the
Democracy Day celebration in Abuja on
Wednesday, Okonjo –Iweala who is also the
Minister of Finance said the Nigerian
economy is the fastest growing economy in
the world, stressing that Nigeria is also
now the preferred investment destination
by foreign investors.
She noted that over the last two years,
Nigeria has experienced exchange rate
stability and growing foreign reserves,
adding that the high cost of governance is
being addressed with the instrumentality
of budget.
“The Nigerian economy growing at 6.5 per
cent is the fastest in the world. The
exchange rate is now stable between N155
and N160. Inflation which was 12.4 per
cent in 2011 is now 9 per cent and also
the external reserve which was $32 billion
two years ago is now about $50 billion and
the cost of governance is also reducing,”
she said.
The minister also explained that the
government is doing all it takes to
control borrowing, especially domestic,
borrowing stating that over $75 billion
debt was paid off this year.
“We are now paying debts instead of
rolling over. As a matter of fact, we have
established sinking fund which will be
used to pay off debts,” she stated.
The minister also touched on various
initiatives by the ministry to cut down
cost of doing business, infrastructure,
pension fund, milestones in the banking
sector, SURE-P activities and blocking
leakages in the economy.
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