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JUST IN: Presidency reacts to Nigerian economy being out of recession

The Presidency has reacted to the news of Nigeria coming out of recession in the second quarter of this year.

The Presidency said it welcomes the news of Nigeria’s exit from recession with cautious optimism and will continue to drive Nigeria’s economic growth by vigorously implementing the Economic Recovery & Growth Plan launched earlier this year.

This response was contained in a statement sent to newsmen by Laolu Akande, the spokesperson to Vice President Yemi Osinbajo. reported how data by the National Bureau of Statistics show that the Nigerian economy is out of recession.

The presidency’s statement quoted the Special Adviser on Economic Affairs to the President, Adeyemi Dipeolu, as saying, “The figures released by the National Bureau of Statistics for the second quarter of this year (Q2 2017) show that the economy grew in Q2 2017 by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016. This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction.”

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Updated: September 5, 2017 — 6:00 pm

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