Oil slump: FG promises to protect economy

The Federal Governmenton Monday vowed to protectthe economy fromany external shock that might arise from theglobal drop in oil prices.
Italso warned that it would not allow “merchants offear”to distort factsabout the economyin order to sow any seed of hopelessness.
The Minister ofFinance, Dr. Ngozi Okonjo-Iweala, statedthis while speaking at the National Insurance Summit which was held in Abuja.
The summit, organised by the National Insurance Commission had the theme, “Transforming the Nigerian Insurance Sector-A three year agenda.”
The minister who delivered the keynote addressat the eventadmitted that while the economywas currently experiencing challenges, a lot of monetary and fiscal measureshad been introducedto put it back on track.
She said, “Unleashing thelatent energiesof the insurance industry to createmorejobs and boosteconomic developmentis one of our strategicresponsesto close thegap createdby theeconomic challenges we are confronting at themoment.
“Giventhe great progress which the banking and pension sectorshave madein thelast decade, insurance can do as well or even better.Many ofus, private companies and households are concernedabout how the current economic challenges will affect them.
“Thatis natural and legitimate. But we should avoid the kind of fear that will paralyse us or make us do the wrong things. Governmentis open to constructivecriticism and ideas because we need to work together as a country totackle thesepresent challenges. Butwe should not let the merchantsof fear, those who want topoliticise and make political capital by distorting factsabout the economyto succeed.”
Okonjo-Iweala said thesechallenges had provided the country with an opportunity tounleash the potential ofother sectorsof the economy.
“We have challenges but we also have strengths– a diversifying economy, increasing non-oil revenuesfromtax, a growing private sectorand a mix of the right policies tohelp theeconomy grow sustainably,” sheadded.