Nigeria will get out of recession before end of 2017

The Federal Government has projected that the country will get out of the economic recession it has found itself in the last two quarters before the end of the year.

The position of the government was stated on Wednesday by the Minister of Budget and National Planning, Udoma Udo Udoma, after the weekly Federal Executive Council meeting.

Udoma, who spoke with newsmen after the meeting, said he informed the FEC of the recently released country’s economic performance report by the National Bureau of Statistics.

Udoma said he also briefed the FEC on the release of the Economic Recovery and Growth Plan.

He said the result of the NBS report is better than what many people including the International Monetary Fund, projected.

Udoma said: “We are not yet out of the woods but our plan is to get out of recession by the end of this year.”

The minister said that the administration was expecting the quick passage of the 2017 budget to fast track economic recovery.

He said government is funding agriculture, solid minerals and infrastructure development to return growth, invest in the people and build competitiveness of the economy.

He said: “We are determined by the end of the (economic) plan to move from the negative growth that we experienced in 2016 to a growth rate of seven per cent by 2020.

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