Published: Sun, September 10, 2017
Economy | By Melissa Porter

Recession exit to take months to impact on people - economist

Recession exit to take months to impact on people - economist

Adeyeye said, "an inflation rate of 16.05% and an annual population growth rate of approximately 2.67% per annum, it is impossible to escape the conclusion that the recovery of the Nigerian economy is weak, feeble and insufficient to herald the sort of celebration and backslapping being displayed by officials of this APC led-administration".

"As the President Buhari administration works assiduously to build a new solid foundation, credible image and pull the country out of the present hardships, we appeal for continued patience and the cooperation from Nigerians".

She said that out of recession meant that the economy was expanding and not contracting and called on Nigerians to be wary of negative stories by those who had chosen to remain pessimists.

On his part, Mr Abdulrauf Aliyu, a development economist and public analyst, said government must now focus on improving the quality of life of Nigerians.

"I am confident that things will be back to normal and Nigerians will have cause to smile again, " he said.

Stakeholders in the oil and gas sector have expressed optimism that Nigeria's exit from economic recession will help to stabilise the industry.

According to him, the three ways to get out of recession are by figures, by facts, by facts and figures.

Thomas said that government could achieve better and faster growth rate by encouraging gas to power, while urging government to ensure effective policy formulation that would attract investment in the oil and gas sector.

It stated: "During the quarter, aggregate GDP stood at N26,986,005.20million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60 per cent".

The Centre for Social Justice on Thursday called on President Muhammadu Buhari to rejig his cabinet by getting technocrats that would effectively manage key sectors of the Nigerian economy.

The NBS in its report said that in the second quarter of 2017, the nation's Gross Domestic Product grew by 0.55 per cent (year-on-year) in real terms.

It said with the low performance of the non-oil sector in the second quarter, there is need for the Federal Government to mainstream the local content policy at all tiers of government as well as produce a 2018 federal budget that is structured to grow the economy and develop human capacity.

He said that the country needed to think bigger and be "ambitious in its quantitative and qualitative growth and development numbers".

Musa, also the National Technical Expert, Inter-ministerial Committee on Honey Production, Bee Health & Pollination Services, advised the government to create an open market platform especially for bee farmers across the country.

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