Representatives of state governments on Wednesday met in Abuja at a workshop organized by the Ministry of Budget and National Planning as part of the integration process by the Federal Government to ensure full participation of sub-regional governments in the Focus Labs scheduled to commence next month.
At the meeting, the Minister, Senator Udoma Udo Udoma, explained that the workshop was designed for representatives of state governments to explain the essence of the labs set up as part of Government’s effort to ensure the full and effective implementation of the Economic Recovery and Growth Plan (ERGP).
He explained that the meeting was to explore how best state governments can be fully integrated into the lab process because the full participation of state governments in the labs is necessary to ensure its success.
The Minister reminded them that the ERGP was fashioned out to address the challenged economy which the Muhammadu Buhari inherited as he pointed out that some positive results are already manifesting following the adoption of the ERGP, including the economy’s exit from recession in the second quarter of 2017.
“Furthermore, we have succeeded in reversing the rising rate of inflation, and since the first quarter of 2017, the rate of inflation has been declining. Confidence in the economy has returned. Evidence of this is the fact that we have successfully reversed the capital flight we had been experiencing, and as a result our foreign reserves have been rising.
“Indeed, our foreign reserves are currently over US$40 billion, up from about US$23 billion as at September 2016. In addition, our forex markets and rates have stabilised, and our ranking in the World Bank Ease of Doing Business ranking has moved up 24 places from 169 in 2016 to 145 in 2017”, he indicated.