The Minister of State for Finance, Mrs Doris Uzoka-Anite, said federal government was working to create a Unified National Framework that would help monetary and fiscal policies to improve and strength structural transformation and achieve an annual growth target of 4 per cent, aimed at doubling Nigeria’s Gross Domestic Product (GDP) by 2037.
Speaking at the Central Bank of Nigeria (CBN) Executive Policy Seminar in Abuja on Tuesday, Mrs Uzoka-Anite said that the Ministry of Finance and apex bank were collaborating with other government institutions to create an organised growth agenda that enhances economic competitiveness.
She said efforts were focused on reducing energy costs, easing business registration, ensuring secure payment systems, and simplifying dealings with government agencies.
According to her, the problems facing the economy are structural rather than cyclical, hence the need for coordinated fiscal expansion with monetary tightening to sustainable growth.
Mrs Uzoka-Anite said the federal government would continue to improve Nigeria’s economic competitiveness and its social and developmental impact.
“Our efforts must remain aligned toward clear targets — particularly reducing the cost of energy, shortening the time required to register businesses, ensuring secure payments, and simplifying interactions with government agencies.
“As we work toward these targets, we have recognized that the challenges we face are not cyclical but structural. Traditional monetary tightening alone cannot deliver the desired results. Therefore, we must complement it with coordinated fiscal expansion that can produce lasting impact,” the Minister stated.
While highlighting the various initiatives of the government to reset the economy, she said the task ahead was to grow the nation and boost revenue mobilisation.