In continuation of the monthly World Press Conference Series, which was introduced recently by the Federal Ministry of Information, Information Minister, Mr. Labaran Maku, Tuesday in Abuja, reaffirmed the position of the Federal Government that the country's economy is stable and remains the preferred destination of foreign investors.
Highlighting the various successes recorded by the present Administration, Mr. Maku said Government's efforts at diversifying the economy and creating jobs continue to pay off. For instance in the Agriculture sector, the Minister pointed out that over 2.7 million jobs have been created across 9 crop value chains, including rice and cassava.
The Minister also observed that other job creation interventions are also doing well. About 19,000 jobs, he informed, have so far been created by the 1,200 beneficiaries of the first phase of the YouWin program. In addition, 120,000 jobs have also been created on the Community Services.
He insisted that the economy of the nation has remained stable especially at a time in which the global economy is facing challenges. "Our foreign reserves have grown from $33Billion three years ago to $48Billion as at May 2013.
"All the big time players in Agriculture are investing in Nigeria now. We have created about 2.7 million Jobs in Agriculture in the last two years.
"In terms of income, oil revenue has fallen to 69%, while non-oil sector growth has gone up to 31%. Non- Oil export earnings has risen from 8% in 2008 to 31% presently. Inflation is down by 8%, as GDP, Foreign Reserves and FDI grew. The exchange rate has remained stable between N155 and N161 to $1", Maku stated.
He said the country has witnessed tremendous economic growth under President Goodluck Jonathan amidst security challenges in some parts of the country. "You can imagine the growth we would have recorded if there has been total peace in the country", the Information Minister said.
Full details of the World Press Conference to follow soon.
Source: Information Minister briefs the media on Power and the Economy (http://fmi.gov.ng/latest/31961/?utm_source=rss&utm_medium=rss&utm_campaign=information-minister-briefs-the-media-on-power-and-the-economy)
Federal Ministry of Information (FMI) Nigeria