Nigeria’s FEC approves N2.3 trillion stimulus plan

Nigeria's Federal Executive Council has given the green light to a 2.3 trillion naira stimulus plan in an effort to bridge the gap between the country's expiring Economic Recovery Growth Plan and the forthcoming Nigeria Economic Sustainability Plan. This 12-month stimulus package aims to counter recession projections and mitigate the impact of the COVID-19 pandemic on the nation's economy. Winston Osuchukwu, Co-Founder of Trans-Sahara Incorporated, shared insights on this critical development in a recent interview with CNBC Africa. The approval of this significant stimulus plan comes at a crucial time for Nigeria, as the nation grapples with economic challenges exacerbated by the global health crisis. The funding injection is expected to provide vital support for various sectors in the economy and stimulate growth in the face of uncertain projections. Nigeria's government has put the strategic bottlenecks in its economy under the spotlight, aiming to address them proactively through this stimulus plan.