President Muhammadu Buhari said exit from recession should explain that Nigerians feels its impact by experiencing a change in their livelihood. To ensure these, he gave assurance that more work needed to be done to improve growth rate
The president who spoke yesterday in his country home in Daura, Katsina State, when he received the President of Niger, Alhaji Mahamadou Issoufou said he was “very happy’’ to hear the country was finally out of recession, adding that the real gain should be improved conditions for Nigerians.
Responding to questions from newsmen, Buhari said: “Certainly, I should be happy for what it is worth. I am looking forward to ensuring that the ordinary Nigerian feels the impact. Until coming out of recession translates into meaningful improvement in peoples’ lives, our work cannot be said to be done.”
He commended all the managers of the economy for their hard work and commitment.
Special Adviser on Economic Affairs to the President, Adeyemi Dipeolu, was quoted as saying that the figures released by the National Bureau of Statistics (NBS) for the second quarter of this year (Q2 2017) showed that the economy grew in Q2 2017 by 0.55 per cent from -0.91 per cent in Q1 2017 and -1.49 per cent in Q2 2016, which in effect means that the Nigerian economy has exited recession after five successive quarters of contraction.
According to NBS, the growth is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent) and higher by 1. 46 per cent points from rate recorded in the preceding quarter, (revised to –0.91 per cent from –0.52 per cent), Quarter on quarter, real GDP growth was 3.23 per cent “During the quarter, aggregate GDP stood at N26, 986,005.20 million in nominal terms, compared to N23, 547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60 per cent.”