FG Expresses Happiness Over ‘Out of Recession’ Status

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The Presidency on Tuesday said the Buhari administration welcomes news of Nigeria’s exit from recession with “cautious optimism and will continue to drive Nigeria’s economic growth by vigorously implementing the Economic Recovery & Growth Plan launched earlier this year by President Muhammadu Buhari.”

The stance was contained in a statement sent to PREMIUM TIMES by Laolu Akande, spokesperson to Vice President Yemi Osinbajo.

The presidency’s statement quoted the Special Adviser on Economic Affairs to the President, Adeyemi Dipeolu, as saying, “The figures released by the National Bureau of Statistics for the second quarter of this year (Q2 2017) show that the economy grew in Q2 2017 by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.  This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction.”

Read the full presidency statement below:

The Buhari administration welcomes news of Nigeria’s exit from recession with cautious optimism and will continue to drive Nigeria’s economic growth by vigorously implementing the Economic Recovery & Growth Plan launched earlier this year by President Muhammadu Buhari.

The overall economic plan and direction of the administration has resulted, among others, 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 industry as a whole in the last nine quarters since Q4 2014.

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