Nigeria’s minister of Information, Alhaji Lai Mohammed, has asserted that Nigerian economy will gradually move out of recession.
At the biennial convention of the Nigerian guild of Editors that held in Lagos on Saturday, Mohammed, who was represented by the Managing director of the News Agency of Nigeria(NAN), Onanuga Bayo, stated that the recession would end by June 2017.
In his words;
“There have been other pointers for the good news as well. For two consecutive months, the National Bureau of Statistics has also reported a fall in the inflation rate.The exchange rate is regaining some sanity.As I said earlier, the worst appears to be over. We are clawing out of the woods of recession in weeks from now”
The minister also pointed out that the collective will of the Nigerian populace aided in making sure the recession did not relapse to a depression.
“I hope, in our various media, we shall begin to focus more on the positive developments in our economy, the growth in agriculture and mineral development, since the NBS last year, let out the secret that the Nigerian economy recorded a negative growth in the first quarter of 2016,”
The minister said that recession was not peculiar to Nigeria alone adding that the US had experienced a total of 47 recessions. He said;
“Between 1980 and 2007 alone, the American economy experienced five recessions. The last one in 2007 was caused by the subprime mortgage crisis and led to the collapse of the US housing bubble,”
He finalized by calling on the Nigerian media to stop the ‘blame game’ and focus on educating Nigerians on steps/ways out of the recession.
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