Nigerian economy is out from recession – FG

The Federal Government (FG) has said that the Nigerian economy is out of recession with 0.11 per cent Gross Domestic Product (GDP) recorded in the last quarter of 2020.

The Minister of State, Budget and Economic Planning, Mr Clem Agha, announced this in Imo on Thursday at the commissioning of a 3.5-kilometer ring road, executed by the Federal Ministry of Agriculture and Rural Development.

Agha said the progress was achieved due to the implementation of the FG’s economy sustainability plans.

He said under the sustainability plans, the federal government approved N34 billion for the construction of 377 rural roads across the federation.

He said a total of N50 billion was also approved for agricultural loan under the Federal Ministry of Agriculture and Rural Development intervention plans.

The minister said the 3.5-kilometer road was one of the 66 rural roads completed so far by the Federal Ministry of Agriculture and Rural Development under the FG’s sustainability plans.

“The five-man Committee set up by the president recommended rural intervention through construction of rural roads and soft loans for farmers,” he said.

He said the essence of the road was to guarantee access to farmlands without much difficulty.

The minister advised the community to ensure that they utilized the FG”s agricultural loan by channeling the fund into agriculture.

“I advice all Nigerians to go back to farm because food security is the key to sustainable development,” he said.

Agha advised members of All Progressive Congress (APC) in Imo to massively participate in the ongoing party re-registration exercise.

He said President Muhammadu Bihari had demonstrated his love for South-East by approving signature projects in the zone, including the construction of second Niger Bridge, among others.

The immediate past APC National Organising Secretary, Mr Emma Ibediro, commended the FG for the project, adding that the community will appreciate the president by supporting his programmes.

The Traditional Ruler of the community, Eze Isaac Ibeake, said the ring road would enable farmers transport their farm produce without difficulties.

He appealed to the FG to consider citing agro processing facilities in the community, adding that the community is widely known with agriculture.

It was reported that other dignitaries at the commissioning included member representing Okigwe North Federal Constituency Miriam Onuoha, Zonal Director Federal Ministry of Agriculture, and Mr Kenis.