This is how Nigeria can achieve sustainable economic development - Udoma Udo Udoma

Nigeria's Minister of Budget and National Planning, Senator Udoma Udo Udoma, recently sat down with CNBC Africa to discuss ways in which Nigeria can achieve sustainable economic development. During the interview, Udoma highlighted some key points regarding the country's economic growth and the government's efforts to drive progress. The latest numbers from the National Bureau of Statistics (NBS) show a slight dip in overall economic growth, but there is positive news in the non-oil sector. Udoma pointed out that the non-oil sector has recorded the highest growth rate of 2.05% since 2015, indicating that the government's focus on diversification is yielding results. While the oil sector has faced production challenges, Udoma assured that the issues are being addressed by the Nigerian National Petroleum Corporation (NNPC). Once resolved, he expects both the oil and non-oil sectors to contribute to the country's growth momentum. Udoma also discussed the Economic Recovery and Growth Plan (ERGP), emphasizing that it was launched just last year. Despite being in the early stages, he acknowledged the plan's effectiveness and hinted at potential tweaks to expedite progress. The government is actively seeking input from various stakeholders to enhance the implementation of the ERGP and maximize its impact on Nigerians. As Udoma continues to review and adjust the plan, he stressed the importance of flexibility in adapting to changing circumstances and driving the momentum of development forward.