(Adds details, context)
ABUJA Feb 7 Nigeria is targeting economic
growth of at least 7 percent a year by 2020, the Ministry of
Budget and National Planning said on Tuesday, a far cry from its
current recession, the first in 25 years.
Nigeria's economy is heavily dependent on exports of crude
oil and is undermined by decades of endemic corruption, It has
been hobbled by low global oil prices that have slashed
government revenues and the availability of foreign currency.
In the third quarter of 2016, gross domestic product
contracted 2.24 percent from a year earlier.
With inflation also at an 11-year high, frustration is
rising, with protesters taking to the streets of Lagos on Monday
to call for a change in government.
The 7 percent target for gross domestic product growth is
part of a medium-term economic recovery plan that seeks to
address some of Nigeria's issues, the budget ministry said in a
"Our goal is to have an economy with low inflation, stable
exchange rates, and a diversified and inclusive growth,"
Minister of Budget and National Planning Udoma Udo Udoma said at
an economic forum on Monday, where he addressed private
enterprise, according to the statement.
The plan's priorities are agriculture and food security,
energy, small businesses and industrialisation and stabilising
the macroeconomic environment, the minister said.
"Nigerian growth faces various supply constraints including
fuel, power, foreign exchange, and even business unfriendly
regulation," the statement said, adding that the recovery plan
would seek to address these issues.
(Reporting by Camillus Eboh; Writing by Paul Carsten; Editing
by Dominic Evans)