Nigeria moving out of recession – Lai Mohammed

by Dolapo Adelana

Minister of Information and Culture, Alhaji Lai Mohammed, has said the country was gradually moving out of recession.

Mohammed, who was represented by the Managing Director of the News Agency of Nigeria (NAN), Mr Bayo Onanuga, said this on Saturday at the biennial convention of the Nigerian Guild of Editors in Lagos.

He said that going by a recent statement by the Central Bank Governor, the country would exit recession by the end of June.

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“There have been other pointers for the good news as well. For two consecutive months, the National Bureau of Statistics has also reported a fall in inflation rate.

“The exchange rate is regaining some sanity.

“As I said earlier, the worst appears to be over. We are clawing out of the woods of recession in weeks from now.

“I hope, in our various media, we shall begin to focus more on the positive developments in our economy, the growth in agriculture and mineral development, since the NBS last year, let out the secret that the Nigerian economy recorded a negative growth in the first quarter of 2016,” he said.

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Mohammed said the recession was not peculiar to Nigeria.

He said that the United States of America had experienced 47 recessions, some regressing into depressions.

“Between 1980 and 2007 alone, the American economy experienced five recessions. The last one in 2007 was caused by the subprime mortgage crisis and led to the collapse of the US housing bubble,” he said.

The minister urged the media to inform Nigerians on the efforts being made to end the recession.

“Informing the people that the government is working hard to end the recession will go a long way to give hope to the people.

“After all, it is said that ‘if you keep hope alive, it will keep you alive’” the minister said.

Comments (0)

  1. lai muhammad we want to her from the president not u, caure your word are not good for nigerian, what u says today is defrent from yestaday. god is seeing u, one day u well explent it.

  2. According to statistics frm: world bank, i.m.f, & other imperialist bodies. However, there is no indication of this getting out of recession on ground here. Are people buying houses, vehicles & other household items? I dnt think so. Let the imperialist keep deceiving u fools. They dont wish us well. They put us where we are today. The black people will never learn.

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