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The federal government has said Nigerians will begin to feel greater benefits of ongoing economic reforms as it consolidates recent gains in inflation, foreign reserves, economic growth and investment.
Special Adviser to the President on Economic Affairs, (Vice President’s Office), Dr Tope Fasua, said this in an interview on the sidelines of the IMF/World Bank Annual Meetings in Thailand.
Nigeria’s investment engagements in Thailand showcased 65 transactions and secured more than six billion dollars in private capital commitments.
Fasua said the government was determined to sustain the reforms while introducing social protection measures to cushion the effects of economic hardship on vulnerable citizens.
He said Nigeria’s inflation rate had declined to about 14.63 per cent in September.
“I am optimistic that the downward trend will continue towards the 10 per cent range in the coming months, barring unforeseen circumstances.
“Positive economic indicators have improved Nigeria’s standing with the international investment community.
“What we have seen here is a very good reception towards Nigeria because they see that the macro-economy is doing extremely well,” he said.
Fasua listed declining inflation, easing interest rates, improved foreign reserves and Gross Domestic Product (GDP) growth among the indicators suggesting that the economy was moving in the right direction.
He also cited developments in the capital market, noting that the market had attracted investments estimated at N133 trillion, equivalent to about 100 billion dollars.
Fasua acknowledged concerns that improvements in macroeconomic indicators were yet to translate into corresponding relief for many households.
(NAN)
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