Nigeria: Govt Is Not Panicking Over Oil Falling Prices

23 January 2019

Abuja — The Minister of Information Dr. Nuruden Muhammed, yesterday disclosed that the federal government was not panicking despite the drastic fall in oil prices since the second half of 2014.

Muhammed stated this yesterday while addressing the press on the state of the nation.

The minister also said Nigeria had become the largest economy in Africa and 26th in the world, making it the most preferred destination for foreign direct investment (FDI) in Africa due to the rebasing of its Gross Domestic Product (GDP) for the first time in 24 years.

He added that the country's inflation rate was 7.9 per cent as at November 2014, according to the National Bureau of Statistics (NBS), compared with 12.4 per cent in May 2011.

While highlighting the economy in 2014, the minister said despite the fall oil price below the budget benchmark of $77.5 per barrel of crude, monetary and fiscal policies had been adopted to cushion the effects.

He, however urged Nigerians not to panic, noting that managers of the economy were constantly monitoring developments that will impact positively on the nation.

"The uncertainty in the international oil market has necessitated a range of monetary policies by the Central Bank of Nigeria (CBN), and fiscal policies by the Federal Ministry of Finance. While there is concern, the country is not in panic. The managers of the economy are constantly monitoring developments that impact the economy, and kicking in contemplated measures under the various scenarios that are being plotted.

"However, there was a lot more positive about the Nigerian economy in 2014. The government's target was macro-economic stability, inclusive growth, more jobs, and an attraction for both foreign and domestic investors," he said.

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