Presidency assures Nigerians of improved economy
The Presidency
has assured Nigerians that the country’s economy is coming out of recession.
The statement
was made today following the report released by the National Bureau of
Statistics (NBS) after a review of the country’s economy.
The Adviser to
the President on Economic Matters, Dr. Adeyemi Dipeolu in a statement said
there were indications that the economy was on its way out of recession
considering the 2016 and last quarter Gross Domestic Product reports.
A review of
the recent GDP figures released by the NBS showed a contraction of minus 1.30
per cent in the fourth quarter of 2016, translating into an estimated economic
growth rate of minus 1.51 per cent for the full year.
Dr. Dipeolu
said the Nigerian economy actually performed better overall last year as the
growth rate was higher with contraction at minus 1.5 per cent than the minus 1.8
per cent predicted by the IMF.
He said the
report had raised the hope that Nigeria was gradually coming out of recession
with the improving trends in several key sectors of the economy including
agriculture and mining.
The
presidential aide said the present administration was also hopeful that with
the series of ongoing engagement with the oil-producing communities of the
Niger Delta, the increased oil production output would be sustained – adding that
the implementation of the Social Investment Programmes and significant
infrastructural spending of the Federal Government would spur a positive multiplier
effect on the economy.
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