The fund projects Nigeria’s economy will grow 2.1 percent this year and 1.9 percent in 2019. The government has been battling an Islamic insurgency in the country’s northeast since 2009 that’s diverted resources to security from public programs.
Browsing: Economic recession
“The numbers clearly show that the economy has fully exited recession. Council members were particularly pleased to note that this growth is very broad, with Agriculture growing at 4.23 percent up from 3.06 percent in the 3rd Quarter.”
“Higher oil prices would support a recovery in 2018 but a ‘muddle-through’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita,” the IMF said.
“We’ve gotten to a point where we don’t care whether oil prices will be sustained at the level that they have recently risen to. We’ve been able to balance our budget at $45-$46/bbl and we’ve got to learn to live comfortably at that level.”
“Overall growth is slowly picking up but recovery remains challenging,” the IMF said in a statement about the review, adding that, macroeconomic and structural reforms remain urgent to contain any vulnerability.
“On the argument to hold the rates, the committee believes that the effect of fiscal policy action towards stimulating the economy has begun to manifest as evidenced in the exit of the economy from the 15-month recession.”
“In a way, we can say that the oil sector took us into recession and took us out of it. We need to be alive to the danger of a double-dip and prevent that from happening.”
“Recession is not about the price of your goods, not whether unemployment is going up or down, not whether you have quality education; it’s purely your gross domestic product.”
“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 Committee, which gave the review at the end of its 331st meeting in Abuja, said indices on non-oil sector growth in the second quarter of the year showed the economy could recover earlier than expected.
