SAN FRANCISCO, April 29, (THEWILL) – The Minister of Information and Culture, Alhaji Lai Mohammed, on Saturday stated that Nigeria was gradually moving out of economic recession.
Mohammed made this assertion at the biennial convention of the Nigerian Guild of Editors, NGE, in Lagos.
He said going by a recent statement by the Governor of the Central Bank of Nigeria, 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 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.
While arguing that recession was not peculiar to the country, Mohammed pointed out that the United States 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.
The minister called on 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,” said Mohammed who was represented by the Managing Director of the News Agency of Nigeria, NAN, Bayo Onanuga.

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Posted on Apr 30, 2017 - Last updated on Apr 30, 2017
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