Nigeria to come out of Recession by Q2 2017
The economic recovery of Nigeria was attached to the effective implementation of the recently launched Economic Recovery and Growth Plan by the Federal Government.
The NESG Chairman, Mr. Kyari Bukar, stated that relative stability in oil price and improved oil production, coupled with recent interventions by the Central Bank of Nigeria in the foreign exchange market, have increased the prospect of Nigeria’s recovery.
“Since we didn’t get out of recession by Q1, we will get out by Q2. But the concern for us as a nation is that growth must be at a higher percentage rate for it to translate into jobs, well-being of average citizens among others”, Bukar noted.
He further explained that the group’s projected that the economy would grow by 0.6 per cent in 2017, indicating an improved macroeconomic condition. “As stated in our Macroeconomic Outlook for 2017, we believe that any economic recovery achieved outside the scope of supporting the productive base of the economy will not be sustainable.”
Mr. Laoye Jaiyeola, CEO NESG, said the economic improvement being projected would be actualized through conscious efforts by the government to implement and synthesize the economic growth plan recently launched.
On the performance of the organization, the Group financials showed improvement in its membership’s dues by 19.2 per cent to N160.5 million in 2016, up from N134.6 million a year earlier. On the other hand, it experienced a decline in net income by 23.5 per cent to N119.3 million down from N155.9 million in 2015.
Jaiyeola reiterated the Group’s commitment to remain at the fore of advocacy, and intervention on all issues regarding the adoption of policies conducive for good governance and sustainable private sector led economic development in 2017.
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