Vice-President Yemi Osinbajo on Monday declared that the present Federal Government met an economy that was already in a meltdown.
Although he assured Nigerians that the Muhammadu Buhari administration was doing its best to salvage the situation, he stressed that the country did not adequately exploit the oil boom era by investing massively in infrastructure and diversifying the economy.
The Vice-President, who disclosed this while inaugurating the agricultural sector road map titled, ‘The Green Alternative: Agriculture Promotion Policy 2016 – 2020’, in Abuja, said, “The present administration came into office to meet an economy essentially in meltdown.”
He said the Federal Government had concluded that before the end of September this year, the Bank of Agriculture would start giving out single digit interest loans to farmers in Nigeria.
On the issue of economic recession, he expressed worry that during the period when oil was sold for over $100 per barrel, the country did not increase investment in infrastructure, adding that the diversification of its economy was not deepened.
“We knew that we had to set alright the economy and put it back on the path of sustainable growth with job opportunities for our teeming population. So, one of the critical components of that plan is to position agriculture as the arrow-head of our economic recovery efforts. If we get agriculture right, we will get our economy right,”