The Senate has applauded the report by the National Bureau of Statistics indicating that Nigeria’s economy has officially exited recession. The Senate
The Senate has applauded the report by the National Bureau of Statistics indicating that Nigeria’s economy has officially exited recession. The Senate, in a statement by Chairman of its Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi, stated that it was truly commendable that after five consecutive quarters of contraction, the economy grew by 0.55 per cent in the second quarter of 2017.
Abdullahi also stated that the improved performance of the trade, manufacturing, agriculture and oil sectors was an indication that, with carefully aligned policy and legislative interventions, Nigeria’s economy could thrive beyond current forecasts and expectations. Abdullahi further noted that although the nation was now out of the recession, the Senate remained committed to seeing that the unemployment rate and high cost of living in the country were brought down.
“The rising unemployment in the country is an issue that is of much concern to all of us. Additionally, the rising cost of food prices and basic services in the country still affects millions of households. This is why we will continue to work on our laws, specifically in the areas of access to credit to promote more opportunities for small business owners; and opening up more sectors to private sector participation, so that there will be more competition in our markets which will lead to lower prices. We will also continue to work with the executive to ensure that our policy and legislative objectives, specifically as they relate to the economy, are well aligned.”
Nigeria, which depends on oil for 70 percent of state revenues and 90 percent of export earnings, has been battered by lower crude prices since mid-2014. These have slashed government revenues, weakened the currency and caused dollar shortages, frustrating business and households. The nation’s economic woes have been exacerbated by militant attacks on key oil infrastructure in the restive Niger delta, slashing output.
