Nigeria’s economy totally out of recession – Minister of Budget

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The Minister of Budget and National Planning, Senator Udoma Udo Udoma, says he has presented a memo to the Federal Executive Council, FEC, on the recent release of economic performance of the country in the last quarter which showed that the Gross Domestic Product, GDP, grew by 1.92 percent.

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Udoma, who stated this while briefing State House correspondents on Wednesday, pointed out that the growth was higher than that of the previous quarter, when the economy grew by 1.40 per cent and 0.72 per cent in the second quarter, which according to him was a confirmation that Nigeria had fully exited recession.

He said, “I presented a briefing to the Federal Executive Council today the most recent Gross Domestic Product and other related economic performance numbers as released last week by the National Bureau of Statistics (NBS).

“You will recall that the NBS indicated that in the last quarter of 2017 the economy had continued its positive growth trajectory by growing by 1.92 per cent. This is higher than the previous quarter when it grew by 1.40 per cent. And higher still from the 2nd Quarter, when it grew by 0.72 per cent. The numbers clearly show that the economy has fully exited recession.”

The International Monetary Fund, IMF, welcomed Nigeria’s exit from recession, but warned that the economy still remains fragile and susceptible to shocks.

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