Some Nigerians are also lamenting over the high cost of foodstuff in the market.
This is coming on the heels of the International Monetary Fund (IMF) Gross Domestic Product (GDP) report 2015, which said South Africa’s economy is $301bn, while Nigeria’s GDP is $296bn.
Udoma also said that the Federal Government will work hard to make sure the country recovers its glory.
The minister said this on Thursday, August 18, 2016, at a three day summit with members of the private sector.
He said “We are determined to turn this economy around and stimulate private sector investments. Losing our position as the biggest economy in Africa should in some way inspire us to work even harder. Sometimes when you are number two, you are actually more motivated to work hard and we should see it as something that should motivate all of us to work harder.”
Udoma also called on Nigerians to support the government as it works to ensure that Nigeria’s economy is improved.
Commenting on the current economic situation in the country, the Governor of Ekiti state, Ayo Fayose alleged that the Buhari-led administration is clueless.