Presidency welcomes exit from recession

Presidency welcomes exit from recession

The Presidency has revealed that President Muhammadu Buhari’s administration welcomes the news of Nigeria’s exit from recession.

According to statement from the special assistant to the vice president on media, Laolu Akande, the administration said it will continue to drive the nation’s economic growth by vigorously implementing the Economic Recovery and Growth Plan (ERGP) launched by the President in April this year.

Laolu said the Presidency believes government’s overall economic plan and direction has resulted in sustained restoration of oil production levels (occasioned by the enhanced security and stability in the Niger Delta), sustained growth in agriculture, mining and the first growth recorded in the industry as a whole in the last nine quarters since Q4 2014 among others.

The statement quoted the Special Adviser on Economic Affairs to the President, Dr Adeyemi Dipeolu, as saying, that the figures released by the National Bureau of Statistics for the second quarter of this year (Q2 2017) show that the economy grew by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.

This according to it means that the Nigerian economy has exited recession after five successive quarters of contraction.

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