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.
A review of the recent GDP figures released today by the National Bureau of Statistics, NBS, show a contraction of -1.30% in the fourth quarter of 2016, translating into an estimated economic growth rate of -1.51% for the full year.
Besides, the Nigerian economy actually performed better overall last year as the growth rate was higher with a contraction at -1.5% than the -1.8% predicted by the IMF, raising the hope that the recession may have buttomed out with the improving trends in several key sectors of the economy including agriculture and mining.
The Buhari administration is also hopeful that with the ongoing series of engagement with the oil-producing communities of the Niger Delta, the increased oil production output would be sustained.
In a similar vein, the ongoing implementation of the Social Investment Programmes, the significant infrastructural spending of the Federal Government, and a possible early legislative passage of the 2017 budget are all expected to spur a positive multiplier effect on the Nigerian economy.
The Buhari administration will not relent in its determined effort and it’s 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.