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Nigeria Is Officially Out Of Recession

After almost a year of negative growth that resulted in the collapse of businesses, the Nigerian economy is looking up, signalling an end of the recession, the World Economics, said yesterday.
However, the body cautioned that “conditions remain difficult for businesses,”

The Special Adviser on Media Matters to the Minister of Budget and National Planning, James Akpandem, said statistical analyses and economic experts’ assessments clearly indicated that the economy was coming out of recession.

“The latest report from the National Bureau of Statistics which details significant aspects of economic activities in the first quarter of this year, clearly showed that inflationary trends are coming down, while the major fundamentals are increasingly showing positive outlook.

“That showed that the economy is coming out of recession,” Akpandem said.

Nigeria’s economy receded at the end of Q2 in 2016 after falling oil prices ate deep into the country’s earnings and caused the naira to weaken thereby causing inflation to spiral upward. Spates of attacks on oil installations in the Niger Delta by militants, who were protesting for better deals from the government, almost crippled oil production.

But the government’s recent engagements in the oil-rich region, spearheaded by Vice President Yemi Osinbajo, has seen attacks on oil facilities petered out, at least, for now.

Edited from The Nation