President Olusegun Obasanjo has said in Abuja that the growth in the Nigerian economy must translate into concrete and measurable indices.

Presiding over a Stakeholders Forum on the Economy at the State House Banquet Hall on July 4, the President explained that the forum was convened to see how the seven per cent economic growth rate translates into better living conditions for Nigerians.

“We want to see what impact our reforms have had on our people individually and collectively,” he said.

President Obasanjo noted that if well utilized, the N50 billion agriculture development funds would take agriculture to new heights within the next two years.

While admitting that a significant number of farmers still did not know how to access the fund, he appealed to state governors to assist small-scale farmers by borrowing from the fund for on-lending to them.

The President, who reiterated that the agreed interest rate on borrowing from the fund still remained eight per cent, urged the commercial banks not to go beyond the agreed rate.

President Obasanjo welcomed the recent appreciation of the Naira against foreign currencies, noting, “this is the first time the naira is genuinely and steadily appreciating”.

He said that the policy of his Administration “is to fight inflation and not to make the naira excessively weak or excessively strong”.

The President, who used the occasion to announce that the proposed Central Bank for African Union would be located in Nigeria, said, “we want Nigeria to be the financial hub for West Africa and Africa”.

President Obasanjo announced November 3 as the date for the next Stakeholders Forum on the Economy.


The Ministers of Finance, Commerce, Agriculture, Power and Steel, the Economic Adviser, the governor of the Central Bank of Nigeria and the Group Managing Director of the NNPC made presentations on the key achievements and challenges of their ministries and organizations.

Governors, deputy governors, ministers, top government and private sector officials, labour leaders and representatives of various manufacturing groups attended the Forum.