Nigeria on speed to economic recovery — Jonathan

PRESIDENT Goodluck Jonathan, on Thursday, said that in spite of the security challenges confronting the nation and the global economic crises, Nigeria’s economy is currently witnessing the fastest growth rate in the world.
He said: “At a time many advanced and emerging markets are being downgraded, our sovereign credit ratings have been steadily upgraded,” Jonathan said in Abuja while declaring open the sixth Diaspora Day celebration.
He noted that his administration was working hard to strengthen the nation’s democratic institutions and confronting, with great determination and firmness, the challenges of insecurity in some parts of the country, adding that issues of governance and corruption were also being vigorously tackled on all fronts.
According to him, the country has been able to further reduce the fiscal deficit in 2013 Budget to 1.81 per cent of GDP, and significantly cut domestic borrowing.

He said: “We have rebalanced our spending in favour of capital expenditure. The rate of inflation also dropped to single digit territory at the beginning of this year.”
President Jonathan, who was represented by Vice-President Namadi Sambo, appealed to Nigerians in the Diaspora to bring their experience, expertise and contacts to bear on all facets of national life.
He added that the Diaspora conference should now “constitute a viable and proactive platform for marshalling Nigerians abroad to transfer their competences and technical skills as a means of strengthening our technological base and in furtherance of profitable investments, which will in turn create jobs here.”
He also encouraged them to continue to attract foreign direct investment to the country, while expressing the commitment of the government to diversify the nation’s economy.
Jonathan, however, acknowledged the immense contributions of Nigerians in the Diaspora to national development in terms of remittances, estimated to be over N10 billion annually.
He said: “This administration recognises these important individual and collective contributions. We also recognise that Nigerians in the Diaspora are a vital and indispensable resource in our efforts at national regeneration. We are, therefore, determined to strengthen our productive partnership with you.”

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