Buhari confirms Nigeria finally out of recession


President Muhammadu Buhari on Tuesday received the Nigerien President Mahamadou Issoufou in Daura, Katsina State, where he confirmed that Nigeria is out of recession.

“Nigeria is finally out of economic recession,” he said.

President Buhari told newsmen after a closed door meeting with the visiting Nigerien leader, Issoufou that he was “very happy’’ to hear that the country was finally out of recession.

He, however, said that the real impact of coming out recession would be better felt when ordinary Nigerians experience changes in their living conditions.

President Buhari said that the real gain would be improved living conditions for Nigerians.

The President said: “Certainly I should be happy for what it is worth. I am looking forward to ensuring that the ordinary Nigerian feels the impact.’’

Buhari commended all the managers of the economy for their hard work and commitment, stressing that more work needed to be done to improve the growth rate.

“Until coming out of recession translates into meaningful improvement in peoples’ lives, our work cannot be said to be done.’’

In his remarks, the Nigerien President said he was most delighted to see President Buhari in good health.

He prayed that the almighty God would continue to strengthen him.

President Issoufou said he used the opportunity of the visit to discuss some bilateral and regional issues with President Buhari.

He said that the issues included the fight against Boko Haram, the economic challenges in the Lake Chad Basin and other developmental concerns that directly affected the livelihood of the citizens of both countries.

The Nigerien President was accompanied on the visit by a former Prime Minister, Dr Hamid Algabid, and the President of the Economic, Social and Cultural Council of Niger, Moussa Moumouni Djermakoye.

The National Bureau of Statistics (NBS) on Tuesday announced that Nigeria was out of economic recession.

The NBS said this in a Gross Domestic Product (GPD) Report for Second Quarter 2017 released by the bureau in Abuja.

The NBS said that the nation’s GDP grew by 0.55 per cent (year-on-year) in real terms in the quarter, indicating the emergence of the economy from recession.

The bureau said that figures indicated the economy was out of recession after five consecutive quarters of contraction since first quarter 2016.

An economy is said to be in recession after contracting for two consecutive quarters.

The economy slipped into recession in 2016.