(http://fmi.gov.ng/wp-content/uploads/2013/06/minoffinance-300x224.jpg)The rapid growth of the country's Gross Domestic Product (GDP) has again been identified as a major catalyst for economic growth and development.
Dr Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy and Minister of Finance made this known during the presentation of her Ministry's achievement at the on-going ministerial platform holding at the National Press Centre, Radio House, Abuja.
The Minister, in what can be described as a practical demonstration session of growing a cake said: "Its importance cannot be overemphasized, hence the compelling need to meet up with the growing population of the family. She noted that as cake is to the well-being of the family, so also is the GDP to the Nigerian nation of over 167 million people."
She further stated that "In a bid to enhance public financial probity and to ensure prudence and accountability, some measures and systems have been put in place by the Government, such as: Integrated Payroll Personnel Information System (IPPIS) as well as Government Integrated Financial and Information System (GIFMIS), in order to check fraud and other leakages in the system.
According to the Minister, "As a result of the sound macro-economic policies of the Government, the exchange rate of Naira to the US Dollar, has remained consistently between 155 Naira and 160 Naira over the last two years. Also, inflation has slowed to a single digit of 9.1% from 12.4% in 2011; and above all, a steady rising of external reserve from $32.08 billion in May, 2011 to $48.4billion as at May, 2013.
The Minister in her comparative analysis of some major economies of the world such as South Africa, Brazil, China, Russia, India and sub Sahara Africa ranked Nigerian economy high with a GDP growth of 6.75% (NBS) and 7.2% (IMF).
Via: Federal Ministry of Information (FMI) Nigeria