The Presidency on has reacted to the review of the economy
by the National Bureau of Statistics (NBS), saying the report indicated that
the economy was coming out of recession.
"There are now indications that the Nigerian economy is
well on its way out of recession considering the 2016 overall and last quarter
Gross Domestic Product reports," the Presidential Adviser on Economic
Matters, Dr Adeyemi Dipeolu, said in a statement.
A review of the recent GDP figures released by the NBS shows
a contraction of -1.30 per cent in the fourth quarter of 2016, translating into
an estimated economic growth rate of -1.51 per cent for the full year.
Dipeolu said the Nigerian economy actually performed better
overall last year as the growth rate was higher with a contraction at -1.5 per
cent than the -1.8 per cent predicted by the IMF.
He said the report had raised the hope that Nigeria was
gradually coming out of recession with the improving trends in several key
sectors of the economy including agriculture and mining.
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