Nigeria govt announces strategies out of recession

Nigeria, one of Africa's largest economies, has been grappling with a severe economic recession in recent years. The country's Acting President, Yemiro Shiba Joe, is optimistic that Nigeria will soon emerge from the recession, thanks to the medium-term economic plan devised by the government. The plan aims to achieve a growth rate of at least 7% annually between 2017 and 2020. However, experts have expressed skepticism about the feasibility of this ambitious target. Seun Onigbinde, co-founder of Budget, a financial advocacy organization, raised concerns about the challenges facing Nigeria's economy and the need for a strategic shift towards non-oil sectors to ensure sustainable growth. He emphasized the importance of building a strong economic base in agriculture, light manufacturing, and industrial capacity to reduce the country's dependency on fluctuating oil prices. Onigbinde highlighted the urgent need for structural reforms and long-term planning to steer Nigeria towards a more resilient and diversified economy. He cautioned against relying solely on oil revenues and called for greater investment in sectors such as tourism, arts, culture, and agriculture to drive economic growth. Despite these challenges, the path to recovery for Nigeria lies in adopting a comprehensive approach to address structural weaknesses and promote economic diversification.