Nigeria Will Get Out of Recession This Year – Minister

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The federal government has said the 2017 budget will get Nigeria out of economic recession as some sectors are beginning to show signs of recovery.

Minister of Budget and National Planning, Udoma Udo Udoma, disclosed this after the Federal Executive Council (FEC) meeting presided over by the acting President Yemi Osinbajo at the Presidential Villa Idioms said he briefed the council on the recent third quarter report on the economy released by the National Bureau of Statistics (NBS), which showed marginal improvement in some sectors, especially agriculture.

The minister said the NBS report had stimulated the cabinet members to put in more efforts towards getting the country out of recession before the end on this year.

He explained that this was part of the reasons the cabinet was eager to have the 2017 national budget passed by the National Assembly, with the intention to make the economy more diversified and competitive.

He said, “Today, I briefed council on the recently released National Bureau of Statistics Third Quarter GDP Report and the full report on 2016.

“I also informed council of the release of the Economic recovery Growth Plan which is already on the website of the ministry of budget and national planning as well as the budget office.

“We look forward to the early passage of the 2017 budget so that we can fast track the implementation of the plan. As you know the plan fed into the 2017 budget. So many of the initiatives in the plan are reflected in the budget.

“With regards to the NBS report, as you are aware the fourth quarter of the economy contracted by 1.3 per cent which is lower level of contraction than the previous year and which indicates that we are already turning and we are beginning to recover even though we are still in recession.

“And the overall result was better than many people projected. The IMF report had thought the GDP for 2016 was going to be -1.8 per cent and it turned out -1.5, so that’s better than expected but we are not out of the woods. It is encouraging but we have to do and continue to do more to make sure that we get the economy out of the recession this year.

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