Shell Energy Entrepreneurs banner Yudala banner
Nigeria exited recession in Q2 of 2017 — Budget Ministry

By News Express on 21/09/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 498

•Budget and National Planning Minister, Senator Udo Udoma
•Budget and National Planning Minister, Senator Udo Udoma

Contrary to reports in some sections of the media last Tuesday that Nigeria’s economy will finally be out of recession in 2020, the economy actually climbed out of recession in the second quarter of 2017, as indicated by the National Bureau of Statistics (NBS), the Budget Ministry has said.

“The reports referred to a speech given by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, at a retreat organised by the National Institute of Social and Economic Research (NISER) on Monday. It was learnt that correspondents of the newspapers in question got their story second-hand from a syndicate source in Ibadan. The Minister never said so,” James Akpandem, Special Adviser to the Minister on Media said in a statement issued in Abuja on Wednesday.

He said, “At the retreat which none of the affected newspapers was represented, the Minister spoke of the state of the economy and steps taken towards recovery and eventual diversified inclusive growth. He was happy that efforts made so far are yielding fruits as evident in the economy climbing out of recession in the second quarter of 2017, earlier than anticipated.

“He explained that even though initial permutations were that the country will be exiting recession by the third quarter of 2017, it was heart-warming that the Second Quarter NBS GDP Report indicated that the economy was already out of recession.” 

While saying that the news of exiting recession was encouraging, he pointed out that there is still a lot more work required to realise the full promise of the Economic Recovery and Growth Plan (ERGP), which is to have a rapidly growing economy with diversified sources of growth, increased opportunities and a socially inclusive economy that reduces poverty and creates jobs for young people entering the labour market annually.

“Our job is not done until we have realised Nigeria’s full potential as a major player in the world economy,” he added.

The reference to 2020 was made when the Minister was explaining the principles and objectives of the ERGP (2017 – 2020) and government’s commitment towards restoring growth from a negative trend in 2016 to 7% by 2020.

He therefore emphasised the need for Nigerians to partner with government through investments in human capital development, through job creation and also in production of quality goods to make them competitive, since one of the aims of the ERGP is to build a globally competitive economy.

He said government is targeting the achievement of 7% growth in Gross Domestic Product (GDP0 by the end of the plan period which is the year 2020.

Source News Express

Posted 21/09/2017 2:55:14 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Media Rights Agenda names NACA into FOI Hall...

Anambra PDP Tussle: Court queries INEC for disobeying...

Oba of Benin recalls ostracised family, orders return...

2016 Budget: Works and Housing gets larger share...

How to achieve Nigeria’s digitization

PPA sacks EXCO in Niger, Ekiti, Plateau and...

Dambazau plans to reform internal security

Kaduna generates N16bn as IGR in 8 months...

Air Force plane vanishes after takeoff

Weatherman forecasts isolated thunderstorms and rainfall across the...

300 South Africans visiting TB Joshua’s Synagogue during...

Court remands Niger PDP Chairman, Tanko Beji, in...

 

Latest News Senate Gives IGP 14 Days To Arrest Perpetrators Of Benue Attacks FCTA demolishes Patience Jonathan’s property Trump makes U-turn on ‘shithole’ comment Police Arrest Cleric With Human Parts In Lagos Malaria, malnutrition major killer of children under 5 years EFCC re-arraigns ex-FCT Minister, others over fraud House of Reps to probe fuel subsidy re-introduction Presidency Replies Bakare, Says Buhari’s Administration Is ‘On Course’ Court Adjourns Trial Of Ex-Abia Governor, Orji Kalu Crackdown fear weakens Bitcoin Man divorces wife after 44 years of marriage based on information received in his dream Rice farm: Bayelsa community disowns ex-militant leader, demands his arrest

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,413 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (303,490 views) Shameless Genevieve Nnaji exposes breasts in public (243,720 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (200,874 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,623 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (178,877 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,154 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,058 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,802 views) Lagos plane crash: Journalist releases victims’ names (124,101 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,232 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,661 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,849) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,739) Interviews (139) Live Commentary (28) Love Matters (100) News (31,935) Opinion (864) Pidgin (10) Politics (4,350) Religion (666) Sports (1,405) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!