From Juliana Taiwo-Obalonye, Fred Itua, Abuja
President Muhammadu Buhari has ºsaid the real impact of exit from recession would be better felt when ordinary Nigerians experience a change in their living conditions. To ensure this, he assured that more work needed to be done to improve the growth rate.
The president who spoke yesterday in his country home in Daura, Katsina State, when he received the President of Niger, Alhaji Mahamadou Issoufou said he was “very happy’’ to hear the country was finally out of recession, adding that the real gain should be improved conditions for Nigerians.
Responding to questions from newsmen, Buhari said: “Certainly, I should be happy for what it is worth. I am looking forward to ensuring that the 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.”
He commended all the managers of the economy for their hard work and commitment.
Special Adviser on Economic Affairs to the President, Adeyemi Dipeolu, was quoted as saying that the figures released by the National Bureau of Statistics (NBS) for the second quarter of this year (Q2 2017) showed that the economy grew in Q2 2017 by 0.55 per cent from -0.91 per cent in Q1 2017 and -1.49 per cent in Q2 2016, which in effect means that the Nigerian economy has exited recession after five successive quarters of contraction.
According to NBS, the growth is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent) and higher by 1. 46 per cent points from rate recorded in the preceding quarter, (revised to –0.91 per cent from –0.52 per cent), Quarter on quarter, real GDP growth was 3.23 per cent “During the quarter, aggregate GDP stood at N26, 986,005.20 million in nominal terms, compared to N23, 547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60 per cent.”
Meanwhile, Nigeria’s exit from recession has been described as a clear testimony that President Buhari’s administration is working for the progress and prosperity of all Nigerians.
Addressing a solidarity rally for the Federal Government organised by the Centre for Civil Society and Justice, at the precincts of the Presidential Villa, the Special Adviser to the President on Media Publicity, Mr. Femi Adesina said: “You have chosen a very auspicious day for this solidarity rally. Earlier today, we were told that Nigeria had officially exited recession.
“That shows that we have a government that is working for us. We have a government that is interested in our welfare. We have a government that is interested in our well-being.
“Recession came due to some mistakes of the past and in just about a year, the government battled it and today we are officially out of recession and we give all glory to God.”
The presidential spokesman assured the group that their message of support and solidarity on the unity of Nigeria would be delivered to the president.
“You know the president swore to uphold the Constitution and the Constitution recognises Nigeria as one indissoluble entity.
“The president has sworn to keep the unity of the country and whatever it takes; he will keep to that pledge,” he said.
He advised those beating the drums of separation to keep their peace, as the present government was resolute to preserve the unity, cohesion and togetherness of Nigeria.
Meanwhile, the Senate and the House of Representatives have both reacted to the news of the exit from recession.
While the senate attributed the development to the implementation of 21 recommendations it submitted to President Buhari last year, the House said the positive result was an indication that the economic policies of the APC were on track.
In a statement signed by Senate spokesman, Sabi Abdullahi, the upper chamber received Q2 NBS economic report with great excitement.
“We are delighted that government’s response to the economic recession has begun to yield tangible results. The public will recall that in the days following the announcement of the 2016 recession, the Senate initiated steps and tabled 21 recommendations that it submitted to the executive for immediate action.”