Buhari’s economic adviser reveals what could stop Nigeria from getting out of recession
Special adviser to President Muhammadu Buhari on Economic Matters, Adeyemi Dipeolu, has said Nigeria will get out of recession this year, if there are no major economic shocks.
In his analysis of the statistics released by the National Bureau of Statistics (NBS), Dipeolu said the economy was on the path to recovery.
“The 2017 Q1 GDP figures released early Tuesday depicts an overall picture showing the economy is emerging slowly out of recession,” he said.
Dipeolu noted that growth had continued in agriculture and the manufacturing and non-oil sectors.
“The latest figures released by the National Bureau of Statistics showed that the economy shrank by 0.52 per cent in the first quarter of 2017 (Q1 2017).
“Although the economy remains in recession, this is the strongest performance in five quarters and shows a significant turnaround from the low of -2.34 per cent reached in the third quarter of 2016 (Q3 2016).
“This is nearly two percentage point improvement. It also reflects the fact that the number of sub-sectors that experienced negative growth has almost halved falling from 29 sub-sectors for the whole of 2016 to 16 sub-sectors in Q1 2017″.
