The Speaker of the House of Representatives, Yakubu Dogara, says the Nigerian economy is on the path of growth going by the successes recorded in the implementation of the economic recovery and growth plan.
Dogara said this on Monday at a Summit on Legislative Framework for Economic Recovery and Sustainable Development, organised by the House of Representatives Ad hoc Committee on Economic Recession in Abuja.
In pursuance of its constitutional responsibility, He said the House had been weighing in to partner the Executive to provide necessary legislative support for the implementation of the economic recovery plan.
“In January 2017, President Muhammadu Buhari launched the Economic Recovery and Growth Plan (ERGP) targeted at improving agriculture, infrastructure, energy, transportation to serve as the needed foundation for industrialisation and productivity.
“The plan also consists of heavy social investment plan, security plan and the fight against corruption.
“The outcome of this collaboration with the Executive is evident in the fact that our country is firmly on the path of economic growth and progress,” Dogara said.
The Speaker also noted that the theme of the summit: “Legislative Framework for Economic Recovery and Sustainable Development,” was apt in view of the current status of the nation’s economic recovery trajectory.
“With Nigeria’s economy taking a turn for good, as confirmed by the World Bank and NBS Data, which showed that the GDP growth rate moved from negative to positive (hence technically ending the recession).”
Dogara said, however, that the terminal date of a recession was usually no cheering news for families as the traumatic effects of a recession usually last far more than the duration of an economic downturn.