Nigeria’s economy outlook positive, says Lai Mohammed

The Muhammadu Buhari Administration has laid the necessary groundwork for the growth of the nation’s economy, Minister of Information and Culture, Alhaji Lai Mohammed, has said.

He therefore urged investors to take advantage of the government’s efforts by investing massively in Nigeria.

The Minister according to a statement by his media aide, Mr. Segue Adeyemi made the call in London on Thursday, at a breakfast meeting with investors, lawyers, the business community and diplomats with ties to Nigeria.

The minister stated that the country – as the largest economy and a political powerhouse in Africa – represents a highly attractive market and investment partner.

”Not only is our administration positive about our economy’s outlook, but the $5 billion in foreign investment that we have secured after the recent elections signals that you, the international community, share our positive outlook and confidence in the administration’s policy,” he said.

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Alhaji Mohammed said in the past four years, President Muhammadu Buhari has led the nation’s economy from recession to growth through his Economic Recovery and Growth Plan (ERGP), in addition to diversifying the economy.

”While there is no denying that oil remains an important part of the economy, we have diversified, with real GDP growth being driven by the expansion of non-oil activities,” he said, adding that the service sector, for example, is responsible for 54% of GDP and has become the primary driver of growth for the economy.

The Minister said Nigeria’s successful battle against insecurity and corruption has made the country an advocate for transparency and accountability in Africa, while further strengthening its economy.

On the recent general elections, he said the re-election of President Buhari is a validation of the fact that Nigerians recognized the change and transformation that the administration has brought to the country.

He however described as disappointing and deeply irresponsible the attempts by the opposition to discredit the election and undermine the democratic choice of the Nigerian people, saying local and international observers have described the elections as credible.

”We will not be distracted from our vision and we hope that the opposition will join us in shaping a better future for Nigeria, for the benefit not only of the people of Nigeria but the region and the continent,” Alhaji Mohammed said.

The event is part of the ongoing visit of the Minister to the US and the UK to meet with the international media, opinion molders and think tanks.

The Minister, who was interviewed by the BBC, VOA, SKY TV, Al-Jazeera, Washington Post, Reuters, The Economist, Financial Times and the Africa Report, among others, also met with the Atlantic Council, the Council on Foreign Relations and the international not-for-profit corporation FINCA, all in Washington, DC.