The Federal Government says Nigerians should begin to feel the benefits of its economic reforms as it works to maintain gains in inflation, foreign reserves, economic growth and investment.
Dr Tope Fasua, Special Adviser to the President on Economic Affairs in the Vice President’s Office, disclosed this in an interview with the News Agency of Nigeria (NAN) during the IMF/World Bank Annual Meetings in Thailand.
He said Nigeria’s investment engagements in Thailand featured 65 transactions and attracted over $6 billion in private capital commitments.
Fasua said inflation dropped to about 14.63 per cent in September, expressing hope that it would fall towards 10 per cent in the coming months, barring unforeseen circumstances.
He attributed improved investor confidence to lower inflation, easing interest rates, stronger foreign reserves and GDP growth. He also said the capital market had attracted investments estimated at N133 trillion, or about $100 billion.
However, he admitted that many households were yet to feel the benefits, while rising fuel prices continued to affect families and businesses.
“The micro-economy can only stand on the macro-economy. If you do not fix the macro, you can not do anything with the micro,” he said.
Fasua said President Bola Tinubu believes the period of economic sacrifice is nearing its end. He listed real estate, oil and gas, entertainment and e-commerce as sectors showing progress.
He said the government would not reverse the reforms and was preparing social support for elderly people, children and those unable to support themselves.
“We are not very much a big fan of just collecting money and giving people money. It is better to teach people how to fish than to just give them fish,” he said.
He added that cash assistance would still reach vulnerable people, while the government targets six per cent economic growth from 4.43 per cent, potentially rising to seven per cent in later years.
Fasua said the approaching election year would push the government to deliver on its promises to Nigerians.
