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Business and Economy / Politics and Government

Nigeria Emerges Out Of Recession

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In Nigeria

The Government has described news of the country coming out of recession as an indication that the President Buhari-led administration is working for progress and prosperity of the masses.

The National Bureau of Statistics (NBS) broke the news yesterday when it disclosed that the Nigerian Economy has finally come out of recession.

According to the Bureau, the nation’s Gross Domestic Product (GDP) gained 0.05 per cent in second quarter of 2017 (Q2 2017) after contracting for five consecutive quarters.

Speaking at a rally for the federal government organised by the Centre for Civil Society and Justice in Abuja yesterday, Adesina said, “You have chosen a very auspicious day for this solidarity rally. Earlier today, we were told that Nigeria had officially exited recession.

“It shows that we have a government that is working for us, we have a government that is interested in our welfare, we have a government that is interested in our well-being.

“Recession came due to some mistakes of the past and in just about a year, the government battled it and today we are officially out of recession and we give all glory to God”.

Expert contributions on sustainable economic growth in the country

In their expert contributions,  an energy analyst and acting managing director and CEO of Proxima Energy, Mr. Adedayo Ojo, said the stability in the exchange rate occasioned by government earnings from improved oil production boosted investors’ confidence.

Ojo also noted that restoration of major and key oil installations in the Niger Delta helped to boost oil production and in turn lifted overall government earnings, even as he said the bringing back to full functionality of the Forcados export facility boosted export potential in the sector.

The director-general of Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf said, “This is a good development for the country. It has a positive signaling effect and it will also have a positive effect on the perception of the economy especially by foreign investors as this will boost the country’s image.”

An economist analyst and a stockbroker, Tunde Oyediran, stated that the NBS’ data showed that there is improved performances in agricultural and manufacturing sector in the second quarter.

He had this to say: “The prospects for more robust growth are bright. I hope the current economic diversification efforts which see efforts being given to agriculture and mining will be sustained”

Meanwhile more and more contributions have continue to pour in as to the recent announcement by the Nigeria Bureau of Statistics stating the country is finally out of recession.

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