Nigerian Economy Performing Better Than IMF’s Prediction —Presidency

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President Muhammadu Buhari
President Muhammadu Buhari
2016 Hot Business Ideas

THE Presidency on Wednesday claimed that the nation’s economy is performing better than the predictions of the International Monetary Fund.

The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, stated this in a statement while reacting to the Gross Domestic Product figures for the 2016 second quarter by the National Bureau of Statistics.

Dipeolu said the report, while confirming a temporary decline, has also indicated what he called hopeful expectation in the country’s economic trajectory.

He confirmed that the inflation and unemployment rates in the country had remained “stubbornly high” despite government’s efforts.

He said there were clear indications that the second half of the year will be better.

“Besides the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the IMF had estimated with clear indications that the second half of the year would be even much better,” he said.

He said the current administration would continue to work diligently on the economy and engage with all stakeholders to ensure that beneficial policy initiatives were actively pursued and the dividends delivered to the Nigerian people.

The presidential aide quoted the recently released data from the NBS as showing a decline in GDP by -2.06% in the second quarter of 2016 on a year-on-year basis.

He attributed the outcome to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalisation and sabotage.

Meanwhile, Nigerian economy is currently in confirmed to be in recession by recession according to the much-awaited Gross Domestic Product figures for the second quarter of 2016 by the National Bureau of Statistics (NBS) on Wednesday released.

According to the report, the GDP growth rate fell further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.

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