Buhari Reacts To Nigeria's Exit From Recession
Nigeria is out of recession but it is not yet uhuru according to President Muhammadu Buhari.
The President made the observation when he received the President of Niger, Mahamadou Issoufou, at his country home in Daura, Katsina State.
In a statement by a spokesman for the President, Garba Shehu, President Buhari said: “Certainly, I should be happy for what it is worth. I am looking forward to ensuring that ordinary Nigerian feels the impact.
“Until coming out of recession translates into meaningful improvement in peoples’ lives, our work cannot be said to be done".
According to the National Bureau of Statistics, Gross Domestic Product, GDP reports for second quarter of 2017, Nigeria’s GDP grew by 0.55% (year-on-year) in real terms.
This growth is 2.04% higher than the rate recorded in the corresponding quarter of 2016 ( –1.49%) and higher by 1.46% points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%). Quarter on quarter, real GDP growth was 3.23%.
During the quarter, aggregate GDP stood at 26,986,005.20 million Naira in nominal terms, compared to 23,547,466.91 million Naira in Q2 2016, resulting in a Nominal GDP growth of 14.60%.