The Minister of Information and Culture, Lai Mohammed has stated that taking Nigeria out of recession did not happen by accident.
Speaking with the press, the Minister said that Nigeria being out of the Economic recession that lasted over a year was the culmination of months of hard work by the administration of President Muhammadu Buhari
“Taking Nigeria out of recession did not happen by accident. It is the culmination of months of hard work by the Administration and fidelity to its well articulated economic policies, especially the Strategic Implementation Economic Recovery (2016) and the Growth Plan (ERGP) that was launched on 5th April 2017.
“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.
“The non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017. In particular, improvement in the non-oil sector was driven principally by strong growth in agriculture and solid minerals sector, and reversal in the previous contraction of the manufacturing and construction sector. This shows that the government’s economic diversification programme is working.”
The Minister also listed other great and commendable developments of the government.
- A fall in the inflation rate from 18% to 16% as of July 2017;
- The rise in exports, coupled with a decrease in imports, which brought the country’s trade balance to N719.4 billion, up from N671.3 billion;
- Increase in capital inflow that brought the total value of capital imported into Nigeria in the second quarter of 2017 to $1,792.3 million, representing a growth of 95.02 percent;
- Increase in foreign reserves to a 30-month high of $31.8 billion in July 2017; and
- Appreciation in exchange rate from N520/USD as at 20 February 2017 to N362/USD as at 17th August 2017