Minister says Nigeria is gradually coming out of recession

Mohammed also urged the media to stop the blame game and educate Nigerians.

Minister of Information and Culture, Lai Mohammed.

Mohammed, represented by the Managing Director of the News Agency of Nigeria (NAN), Mr Bayo Onanuga, made the assertion at the biennial convention of the Nigerian Guild of Editors in Lagos.

He said that going by a recent statement by the Central Bank Governor, the country would exit recession by the end of June.

“ There have been other pointers for the good news as well. For two consecutive months, the National Bureau of Statistics has also reported a fall in inflation rate.

“ The exchange rate is regaining some sanity.

“ As I said earlier, the worst appears to be over. We are clawing out of the woods of recession in weeks from now," the minister said.

Mohammed said that the Buhari administration and collective will of Nigerians had shamed doomsday prediction  that our recession could worsen into a depression.

“I hope, in our various media, we shall begin to focus more on the positive developments in our economy, the growth in agriculture and mineral development, since the NBS last year, let out the secret that the Nigerian economy recorded a negative growth in the first quarter of 2016, “ he said.

The minister said that recession was not peculiar to the country.

He said that the United States of America had experienced 47 recessions, some regressing into depressions.

“ Between 1980 and 2007 alone, the American economy experienced five recessions. The last one in 2007 was caused by the subprime mortgage crisis and led to the collapse of the US housing bubble,” he said.

Mohammed urged the media to stop the blame game and educate Nigerians on the efforts being made to end recession.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

EFCC arrests Saraki over allegations of theft and money laundering

Youths want Ashafa, Obanikoro, Mamora, Solomon as members of Lagos GAC

Lagos Govt pays 8,170 retirees over N32bn in 2 years – Commissioner

Moghalu celebrates Sanusi at 60

Gov Masari says there's no joy governing Katsina because insecurity gives him sleepless nights

Police repel another attack in Imo, kill 2 bandits

91 Boko Haram/ISWAP fighters, families surrender in Northeast

Human trafficking: NAPTIP rescues 100 victims in Southeast in 6 months

Moghalu urges Buhari to follow due process in Abba Kyari’s case