Office Of The Vice President Press Release

*Will Intensify ERGP Implementation

The Buhari administration welcomes 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 by President Muhammadu Buhari.

The overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil production levels, (occasioned by the enhanced security and stability in the Niger Delta) sustained growth in agriculture, mining and the first growth recorded in industry as a whole in the last nine quarters since Q4 2014.

Below Is A Statement By Special Adviser On Economic Adviser To The President, Dr. Adeyemi Dipeolu On The 2nd Quarter 2017 Figures Just Released By The National Bureau Of Statistics

"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.

This positive growth is attributable to both the oil and non-oil sectors of the economy. Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017. It rose by 1.64% as compared to -15.60 in Q1 2017, an increase of up to 17 percentage points. This improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.

The non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017. This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions. However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.

The positive growth seen in agriculture when the rest of the economy was contracting was maintained at 3.01% which is encouraging especially if seasonal factors are taken into account. Manufacturing growth was also positive at 0.64% and although lower than the previous quarter’s growth of 1.36%, it was an a noticeable improvement over the -3.36% experienced in Q2 2016 and a continuation of the turnaround of the sector. Solid minerals which remain a priority of the Administration also continued to grow and in Q2 2016 by 2.24%.

Overall, industry as a whole grew by 1.45% in Q2 2017 after nine successive quarters of contraction starting in Q4 2014. This positive development was somewhat overshadowed by the continued decline in the services sector which accounts for 53.7% of GDP. Nevertheless, electricity and gas as well as financial institutions grew by 35.5% and 11.78% respectively in Q2 2017.

The GDP figures give grounds for cautious optimism especially as inflation has continued to fall from 18.72% in January 2017 to 16.05% in July 2017. Foreign exchange reserves have similarly improved from a low of $24.53 in September 2016 to about $31 billion in August 2017. In the same vein capital importation grew by 95% year-on-year driven by portfolio and other investments but also notably by foreign direct investment which increased by almost 30% over the previous quarter.

Foreign trade has also contributed to improving economic conditions with exports amounting to N3.1 trillion in Q2 2017 while imports which increased by 13.5% amounted to N2.5 trillion in the same period. The overall trade balance thus remained positive at N0.60 trillion.

Unemployment however remains relatively high but job creation is expected to improve as businesses and employers increasingly respond more positively to the significantly improving business environment and favorable economic outlook.

Besides, as key sectoral reforms in both oil and non-oil sectors gain traction, the successful implementation of ERGP initiatives such as N-Power and the social housing scheme will boost job creation.

Food inflation also bears watching as it has remained quite high and volatile due mostly to high transport costs and seasonal factors such as the planting season. Investments in road and rail infrastructures, increased supply and availability of fertilizers and improvements in the business environment should contribute to the easing of food prices.

Overall, the end of the recession is welcome but economic growth remains fragile and vulnerable to exogenous shocks or policy slippages. Accordingly, it remains essential to intensify efforts going forward on the implementation of the ERGP to achieve desired outcomes including sustained inclusive growth, further diversification of the economy, creation of jobs and improved business conditions."


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
5th September 2017

Seen

l

Good we are out.

Nonsense.


Keep deceiving yourselves and your zombies. Those fake figures don't mean shiit when prices of goods remain high and the naira keeps loosing against the dollar!


As usual, I expect APC's paid agents to come rejoice over this false news.

Good a thing we are out of recession, but there's no gainsaying there's still a world of work to do.

Care must be taken to forestall an erosion of all the gains made so far the likelihood of a relapse back into the very bitter experiences we've had in the past year.

God bless Adeosun and her team. Their prowess has indeed been tested to their limits and they have triumph!

God bless Baba, Osinbajo and all those who wish Nigeria well.

Angelb4:
Some people won't be happy to hear we are out of recession. God pass una

They are wailing uncontrollably already.

The same Kanu's urine drinkers who imagine we have no right to comment on issues regarding their imaginary country don't even hesitate a tad sticking their filthy paws into Nigerian issues.

As the good news grows in Nigeria, so does their misery and that is great news to me.

Imagine how excited they were when the same NBS declared we had entered recession. Now, NBS is lying.

As NBS goes for them, so does Saharareporters.

These people have no shame.

ok

IamSINZ:
Nonsense.

Heavy nonsense

Let the masses judge

Which exit?

Help me take this message to the them, Nigeria's only hope for a peaceful and prosperous nation is coming. I am coming

All thanks to Buhari!

awillabo:



Heavy nonsense

Very heavy nonsense

Lies

Akure Monarch To Buhari: We Can't Continue To Pretend All Is Well

Oba Aladelusi, who spoke in Akure, the Ondo State capital, urged the president to raise a team of economic experts that could help proffer solutions to the depleting economic status of the country.

http://saharareporters.com/2017/09/05/akure-monarch-buhari-we-cant-continue-pretend-all-well

tayebest:
All thanks to Buhari!

you can say that again..

God bless the people's General.

Shame on all enemies of Nigeria and saboteurs.. With or Without them, Nigeria will rise again.

No be only exit na entrance
when you have a dullard as president expect the worst.

Some people won't be happy to hear we are out of recession. God pass una

And so

This heading would read better thus:

FG : "Nigeria's economy exit from recession" might be another propangada.

Observing

Thunder fire them there....

The journey is still far but I believe before the year ends, price of commodities would have dropped so average citizens can breathe a sign of relief especially now that Christmas is around the corner.

Well let's start feeling it first. I think more money should be released to construction companies, more infrastructure projects will make things move quickly

Igbos won't like that hmmm hmmmm

Opakan2:


you can say that again..

Gid bless the people's General

No be only Gid


Rushing to post gibberish as usual.

haa

My President is working.
We will get there gradually, PMB will gradually get us out from the shallow hell that past administration left us in.
May God give him good health and Long life.

Angelb4:
Some people won't be happy to hear we are out of recession. God pass una

They are wailing uncontrollably already.