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.(NAN)