Shocking details emerge on when Nigeria’s economy will get better
– FG says Nigeria’s economy will get better as from next year
– Finance minister Kemi Adeosun says Nigeria is technically in recession
– But according to Senator Udo Udoma, the minister of Budget and National Planning, Nigeria can only be in recession if it records two quarters of negative growth
The federal government on Thursday, July 21, described 2016 as a difficult year for Nigeria, even as it predicted things will get better as from 2017.
Senator Udo Udoma, the minister of Budget and National Planning, made this known while speaking with state House correspondents at the end of a meeting of the National Economic Council presided over by Vice president Yemi Osinbajo.
Udoma also reacted to reports that the country is said to be in technical recession.
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The FG has described 2016 as a difficult year for Nigeria, even as it predicted that Nigeria’s economy will get better as from next year.
According to him, Nigeria can only be in recession if it records two quarters of negative growth.
He said since the country had experienced negative growth in the first quarter, the country will be in technical recession if the second quarter which is still being expected is also negative.
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He said: “Recession is basically when you have two quarters of negative growth. We had a first quarter of negative growth and we are still waiting to get all the figures for the second quarter which has just ended in June.
“The National Bureau of Statistics will be giving us all the figures but if as we suspect, the second quarter is also negative, then of course technically you could say that we are in recession if those figures turned out to be so.
“But even if we are not, the situation in the economy right now is one that of course we are addressing.”
Finance minister Kemi Adeosun had said Nigeria is technically in recession, but added that the nation has an incredibly bright future as long as the country remains disciplined.
Adeosun disclosed this on the floor of the Senate while briefing the lawmakers on the state of the economy. She said Nigeria is still weathering the storm at battling the current crippling economy.
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