Presidency says economy coming out of recession

The Presidency on Tuesday reacted to the review of the economy by the National Bureau of Statistics (NBS), saying the report indicated that the economy was coming out of recession.

“There are now indications that the Nigerian economy is well on its way out of recession considering the 2016 overall and last quarter Gross Domestic Product reports,’’ the Presidential Adviser on Economic Matters, Dr Adeyemi Dipeolu, said in a statement.

A review of the recent GDP figures released by the NBS shows a contraction of -1.30 per cent in the fourth quarter of 2016, translating into an estimated economic growth rate of -1.51 per cent for the full year.

Dipeolu said the Nigerian economy actually performed better overall last year as the growth rate was higher with a contraction at -1.5 per cent than the -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 Buhari 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.

He added that the ongoing implementation of the Social Investment Programmes and significant infrastructural spending of the Federal Government would spur a positive multiplier effect on the Nigerian economy.

He said same effect was expected from the possible early legislative passage of the 2017 budget.

“The Buhari administration will not relent in its determined effort and its comprehensive approach to bring about the full recovery of the Nigerian economy and set it on a solid path of sustainable growth.

“Our work continues and we renew the pledge to do it with diligence, and the firm commitment it deserves,’’ he said.