- The federal government has said the current recession ravaging Nigeria will come to an end in 2018
- This was made known by the statistician general of the federation Yemi Kale
- Kale said Nigeria's recovery from recession depends on price of all good and a significant drop of the crisis in the Niger Delta
The federal government has said the current recession ravaging Nigeria will come to an end in 2018.
Speaking in an interview with Economic Confidential, a financial magazine, the statistician general of the federation Yemi Kale said, Nigeria will recover from recession in 2018.
Kale however, said, Nigeria's recovery depends on price of all good and a significant drop of the crisis in the Niger Delta.
He said although the times appear to be 'extremely' difficult, indicators currently show that Nigeria is already coming out of recession.
“We have not come out of it yet. As if the worst has already happened and it’s a low process of recovery. Now there is what we call technical recovery as different from the recovery Nigerians would prefer," Kale said.
The statistician further noted that although prices of good may still be high in the country, coming out of recession indicates a positive growth for the nation.
He said: “At least all the indicators are suggesting things are getting better. People always make this mistake when we say inflation is slowing down. Slowing down of Inflation does not mean prices are coming down. Inflation by definition is always a rise in price."
All we are saying is that increase is not as much as before. Before it went up by 100%, but this time it went up by 50%. Having double digit inflation figure is still huge and a problem. The fact that it went down from 18% to 17% and now to 16% shows improvement. But I can tell you 16% is not good but a huge problem," he said.
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“If the trend continues, by the end of the year things should have normalized and by 2018 Nigerians would now see the benefit of the recovery. If all prices do not collapse including Niger Delta crisis, by 2018 we would have recovered fully," he said.
NAIJ.com had earlier reported that Nigeria's economy has remained in its worst recession in 29 years.
The National Bureau Statistics (NBS) also said that the Nigerian economy has contracted despite the fact Nigeria was moving out of the economy recession.
You can watch this NAIJ.com TV video of Nigerians discussing the economic recession: