The Minister of State for Finance, Mr. Remi Babalola, has said that the country’s economy was on track to meet targets of 6.1 per cent growth and 11.2 per cent inflation rate this year. Speaking in Lagos on Monday 1st March 2010 at the Stanbic IBTC 2010 Investors’ Conference, he said that the expected Gross Domestic Product growth rate of 6.1 per cent and target inflation of 11.2 per cent were still realistic for 2010 as government sustained macroeconomic stability and continued its economic reforms. According to him, “As part of efforts to transform the economy on “sustained basis, the Federal Government is currently undertaking far-reaching economic reforms that are anchored on the Seven-Point Agenda and the Vision 2020 strategic development initiative. “As we know, the Seven-Point Agenda encompasses the key issues of infrastructure development (power and energy), land reform, security, food security and agriculture, wealth creation and employment, mass transportation, and human capital development (education and health).” “The long-term economic development strategy of government is anchored on the Vision 2020. The key element of the vision is to triple the present size of the GDP of below $300bn to not less than $900bn, and a per capita income of not less than $4,000 per annum, with a view to placing Nigeria among the top 20 economies by the year 2020. ”As part of efforts to achieve this, massive investments are currently being undertaken to revamp infrastructure, agriculture, transport and railway rehabilitation, as well as sustain initiatives for peace and security of lives and properties in the country, in spite of some obvious global and national challenges.”Also speaking at the event, the Deputy Governor, Operations, Central Bank of Nigeria, Mr. Tunde Lemo, said the apex bank was taking further steps to ensure that banks resumed lending to the private sector. He said the apex bank would facilitate funding to the banks through Development Financial Institutions. He said the funds would be deployed by the banks to refinance deposits that were mainly short-term, to enable them to reach out to more prospective borrowers.