Nigeria’s inflation still high – Atiku Abubakar

Former vice President of Nigeria and a chieftain of the ruling All Progressives’ Congress, Alhaji Atiku Abubakar has said rising inflation rate remains a major obstacles to Nigeria’s economic development.

Reacting to the news that Nigeria has finally exited recession, Atiku on his tweeter handle said that while we rejoice over the news, it’s also important to recognize that economic weakness at the bottom of the pyramid remains as inflation is still high.

He said actual recession will end when all Nigerians can eat three square meal.

Atiku however commended the government, saying the news is a boost for Nigeria as investors both locally and foreign will realised that the country’s economy is worth investing in.

“As a Nigerian, investor and employer of labour, the news of Nigeria’s official emergence from the recession is most welcome,” he tweeted.

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He also advised the government not to rest on their oars, tasking them to continue working hard to expand Nigeria’s economic opportunity for all Nigerians and beyond.

Recall that the National Bureau of Statistics (NBS) had earlier announced this week that Nigeria’s GDP growth for Q2 of 2017 grew by 0.55%, halting five quarters of negative growth.

Also financial experts at the research unit of FSDH Merchant Bank have projected that the inflation rate (year-on-year) will drop marginally to 15.99% in August 2017 from the 16.05% reported in July.