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Mrs. Kemi Adeosun, Minister of Finance |
Professor Aigbokhan
stated this while speaking with newsmen last Friday. This is contrary to
statement credited to the Minister of Finance, Mrs. Kemi Adeosun. The minister had recently said that Nigeria was
already out of recession to an extent.
In Aigbokan’s
own words: “We are moving out of recession but we are
not completely out. There is slight improvement in job creation and output has
increased too. When we talk of output, that is what we used for growth in GDP,
it is projected to grow by one per cent. Before it was negative, 2nd and 3rd
quarter 2016. It is now projected that it will grow by one per cent and that is
a sign that output is growing more than what it used to be.”
The
economics professor stressed that the output and the employment rate had been
growing but slowly. He, however, said jobs were mostly created in the private
sector because some private companies that were importing before, now produce
locally.
He said: “The fact that they (some private companies) were able to
conduct interview for employees is a sign that they have seen silver lying at
the end of tunnel. What it means is that they have seen a ray of hope. A few will
be like that too.”
Nigeria’s
economy entered recession in August 2016, after the country witnessed negative
growth in the first and two quarters. The National Bureau of Statistics (NBS)
said the second quarter 2016 GDP declined by -2.06 per cent. Annual inflation
rose to 17.1 per cent in July 2016, from 16.5 per cent in June 2016, and food
inflation rose to 15.8 per cent from 15.3.
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