Nigeria’s Minister of Finance, Kemi Adeosun says the recession in the country coming to an end as the fiscal authorities are working round the clock to reset the economy to put it back on a path of growth.
In an exclusive interview with CNBC Africa‘s Esther Awoniyi, she speaks on the various measures being taken to end the recession and reflate the economy.
Adeosun said that the federal government is focusing on releasing money into the economy so as to stimulate growth.
“I would rather seek growth, we can manage inflation – let’s stimulate the economy,” she said.
She also said that the Central Bank of Nigeria (CBN) will have to lower interest rates so that the government can borrow domestically to boost the economy, without increasing its debt-servicing costs.
“We need lower interest rates because when we are borrowing and interest rates go up, it increases our cost of debt service and it reduces the amount of money that is available to spend on capital projects.
The attempt was to manage inflation and the trade off for the economy right now is what is a bigger problem: Is it growth or inflation? For me it is growth. I would rather seek growth. We can manage inflation. I think for us, at the moment in the Nigerian economy, growth is the most important thing,”she told CNBC Africa.
Adesoun also said that the Executive is working with the Legislature to shorten the procurement process, so as to get funds for contracts released quickly.