Nigeria’s economy is the fastest growing in the world - Okonjo Iweala

The co-ordinating Minister of the Economy, Dr. (Mrs), Ngozi Okonjo-Iweala, has said the nation's economy is on course and getting stronger.

In her mid-term report as part of the Democracy Day celebration in Abuja on Wednesday, Okonjo Iweala who is also the Minister of Finance said the Nigerian economy is the fastest growing economy in the world, stressing that Nigeria is also now the preferred investment destination by foreign investors.

She noted that over the last two years, Nigeria has experienced exchange rate stability and growing foreign reserves, adding that the high cost of governance is being addressed with the instrumentality of budget.

"The Nigerian economy growing at 6.5 per cent is the fastest in the world. The exchange rate is now stable between N155 and N160. Inflation which was 12.4 per cent in 2011 is now 9 per cent and also the external reserve which was $32 billion two years ago is now about $50 billion and the cost of governance is also reducing," she said.

The minister also explained that the government is doing all it takes to control borrowing, especially domestic, borrowing stating that over $75 billion debt was paid off this year.

"We are now paying debts instead of rolling over. As a matter of fact, we have established sinking fund which will be used to pay off debts," she stated.

The minister also touched on various initiatives by the ministry to cut down cost of doing business, infrastructure, pension fund, milestones in the banking sector, SURE-P activities and blocking leakages in the economy.