The
Minister of Information and Culture, Lai Mohammed, said on Saturday that
Nigeria was gradually moving out of recession.
Mr. Mohammed, represented by the
Managing Director of the News Agency of Nigeria (NAN), Bayo Onanuga, made the
assertion at the biennial convention of the Nigerian Guild of Editors in Lagos.
He said 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.
Mr. Mohammed said the Buhari
administration and the 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.
Mr. Mohammed urged the media to
stop the blame game and educate Nigerians on the efforts being made to end
recession.
“Informing the people that the
government is working hard to end the recession will go a long way to give hope
to the people.
“After all, it is said that ”if
you keep hope alive, it will keep you alive,” the minister said.
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