Fidelity bank card banner Camano banner
Economy picking up after sluggish Q2: Osinbajo

By Paul Carsten on 30/08/2018

Views: 608

•Vice President Yemi Osinbajo
•Vice President Yemi Osinbajo

Nigeria’s economy is expected to perform much better in the second half of the year, Vice President Yemi Osinbajo said on Wednesday, following sluggish growth in the second quarter.

Largely dependent on its oil reserves, Nigeria began climbing out of its first recession in 25 years in 2016 as global crude prices rebounded and President Muhammadu Buhari’s government implemented the early stages of a turnaround plan.

But the recovery has been relatively slow, and since the beginning of this year, the pace has started to dip as the oil sector again struggles.

“We expect to see the growth figures doing much better,” Osinbajo told reporters after the statistics office had released the April-June figures earlier this week.

“What you are seeing today is a snapshot but if you look at the long-term, clearly we are going to be doing much better,” he said, adding that a micro-credit programme for 2 million traders should begin to bear fruit in the coming months.

The pace of economic recovery has been a sore point since Buhari took power in 2015 on promises to rejuvenate Africa’s largest oil producer. Flagging growth could spell trouble for Buhari as he seeks re-election in early 2019.

The vice president, however, said he expects a turnaround. “We’re very optimistic and we’re going to power into the next year,” Osinbajo said. (Reuters)

Source News Express

Posted 30/08/2018 11:37:44 AM

 

 

CLASSIFIED ADS

 

You may also like...
Na orisirisi sisi dem full for Lagos road...

Nigeria’s golden girl Uzo Aduba wins second Emmy...

Obaseki offers N10m bounty on killers of 4...

Senate seeks resignation of SGF, Babachir Lawal

Thrills as ‘Omoye’ premiers in Lagos

BREAKING: Manchester City win Premier League

Major oil marketers reiterate support for FG’s petroleum...

Buhari, APC governors meeting deadlocked

MRA Inducts Department of Petroleum Resources into ‘FOI...

Ibro strikes twice as Man United take Premiership...

Senate 2019: Uduaghan, best man for Delta South...

PVCs on sale in Kano ahead of supplementary...

 

Latest News Suspected killers of Fasoranti’s daughter in police net •How they are arrested PTDF extends scholarships to all Federal varsities Arrest Obasanjo now, Miyetti Allah tells Buhari Man absconds after bathing 8 persons with acid Suspected kidnappers of Buhari’s ADC’s father-in-law open up Election Tribunal: Atiku’s video evidence empty, says INEC Boxing champion crushed to death by car Warring militants accept ceasefire in Imo I am worth over N48 billion — Makinde •Makes details of assets declaration public Obasanjo’s letter: A dark cloud hovers over Nigeria, IYC warns Delta APC crisis: Emerhor withdraws case against Omo-Agege, Ogboru faction 60 Ecobank staff protest sack, demand payment of entitlements

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (507,026 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (430,652 views) Shameless Genevieve Nnaji exposes breasts in public (372,240 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,158 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (281,444 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (246,767 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (238,283 views) 10 cars more expensive than Jets (221,752 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (220,428 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,129 views) Lagos plane crash: Journalist releases victims’ names (187,808 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,514 views)

 

NNPC 2019 National Science Quiz Competition

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (96) Business & Economy (4,352) Business Verdict (76) Columnists (1,070) Complaints & Requests (95) Enterprise & Opportunities (210) Entertainment (634) Features (776) Global Business Monitor (394) ICT Monitor (53) International (3,712) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (334) News (48,656) Opinion (1,288) Pidgin (17) Politics (11,153) Religion (1,048) Sports (2,094) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera