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.