Recession will be over very soon – Adeosun

Minister of Finance Kemi Adeosun says the current economic recession in the country would soon be over.

Adeosun made the disclosure on Friday in Abuja while addressing a news conference.

She said the federal government is putting plans in place to ensure Nigeria doesn’t experience another recession in the nearest future.

She said, “We have a strategic plan that will take us out of the recession we have found ourselves in; we want to make sure the recession is as short as possible because we do not want a prolonged recession.

“From what we are looking at we do not think that it will be a prolonged recession; we think that some of the initiatives that we are working on will now begin to bear fruits.

“We are on course and are confident that the plan we have put together will work and put the economy back on track.

“It is a long term plan that would reposition the economy so that we do not go into this boom and burst cycles that are driven by the oil price.

“The economy has to be more resilient than that so that we do not find ourselves back where we are.’’

Adeosun said government was giving significant attention to agriculture and infrastructure.

She said, “Agriculture has received significant funding because of the time sensitivity of agriculture and because of the fact that food prices were rising, we needed to intervene so that we could get food prices down.

“There is activity resuming on roads, power projects and health projects and we have released money to water resources and solid minerals.’’

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