Nigeria slowly rising out of economic recession – Presidency

Nigeria slowly rising out of economic recession – Presidency
ABUJA-Presidency weekday aforesaid that there have been robust indications that African nation was step by step exiting economic recession.
The Special consultant to the President on Economic Matters, Dr. Adeyemi Dipeolu declared this can be in an exceedingly statement whereas cathartic the The 2017 Q1 value figures. He aforesaid that there was a turnaround within the producing and non-oil sectors, adding that there was conjointly associate degree increasing reduction within the sectoral negative growth. The statement created out there to State House correspondents browse thus: “The latest figures free by the National Bureau of Statistics show that the economy shrank by zero.52% within the half-moon of 2017 (Q1 2017). “Although the economy remains in recession this can be the strongest performance in 5 quarters and shows a big turnaround from the low of -2.34% reached within the third quarter of 2016 (Q3 2016). “This nearly|is sort of} 2 mathematical notation improvement and conjointly reflects the actual fact that the amount of sub-sectors that veteran negative growth has almost halved falling from twenty nine sub-sectors for the full of 2016 to sixteen sub-sectors in Q1 2017. “Agricultural growth remained in positive territory albeit growing at a slower rate of regarding three.4%, little doubt owing to seasonal factors. “Growth in producing on the opposite hand came to positive territory once 5 quarters of negative growth. It grew by one.36% in Q1 2017 once falling to a nadir of -7.0% in Q1 2016. “The solid mineral sector continuing to justify the priority given thereto by the national with high integer growth for metal ores and production at forty.79% and 52.54% severally. “Growth within the oil sector remained negative at -11.64% although there was an over six mathematical notation improvement in its fortunes from the previous quarter. “More significantly, the non-oil sector which accounts for about 90% of GDP returned to positive growth although at a marginal level of 0.72% in Q1 2017. This is the first positive growth in the non-oil sector since the last quarter of 2015. “Headline inflation fell for the third month in a row to 17.24%, with core inflation also declining quite rapidly. “ of concern as it continues to trend upwards. This is mainly due to rising transport costs and other structural impediments to the movement of foods in the domestic market. The trade balance remained positive reflecting import contraction and relatively higher export revenues which grew year-on-year by up to 80.5%. “The overall picture that the figures show is that the economy is emerging slowly out of recession. “This outlook is reinforced by positive trends in other indicators such as improved oil prices and increasing production, rising foreign exchange reserves, increased capital spending by the Federal Government as well as improved perceptions reflected in various purchasing and sales managers indices. “Barring major economic shocks, it should still be possible to restore growth this year as projected in the Economic Recovery and Growth Plan.”

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