Pulling Nigeria out of recession didn’t come by accident but through hard work and dedication, according to the Minister of Information and Culture Lai Mohammed.
The Nigerian Bureau of Statistics (NBS) posted on Tuesday, 5th September 2017 that the country is out of the recession. Though there has been mixed reaction to the report, the Minister agrees with the NBS report while giving details of how president Muhammadu Buhari led the country out of recession.
Speaking at the 4th Annual Conference of the Association of Communication Scholars and Professionals of Nigeria (ACSPN) in Kano on Wednesday, the minister said:
“Taking Nigeria out of recession did not happen by accident. It is the culmination of months of hard work by the Administration and fidelity to its well-articulated economic policies, especially the Strategic Implementation Economic Recovery (2016) and the Growth Plan (ERGP) that was launched on 5th April 2017,” he said.
Alhaji Mohammed listed some of the ”incrementally-positive steps” that got Nigeria out of recession, as including the reversal of the consistent slow down since 2014 to a level where the GDP finally grew by 0.55% in the second quarter of 2017.
“This positive growth is attributable to both the oil and non-oil sectors of the economy. Growth in the oil sector, which has been negative since Q4 2015, was positive in Q2 2017. It rose by 1.64% as compared to -15.60 in Q1 2017, an increase of up to 17 percentage points.
“The non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017. In particular, improvement in the non-oil sector was driven principally by strong growth in agriculture and solid minerals sector, and reversal in the previous contraction of the manufacturing and construction sector.
This shows that the government’s economic diversification programme is working,” he said.