Nigeria’s economic indices conducive for growth - CBN

As Nigeria officially exists recession, the Central Bank of Nigeria has said the economic indices are conducive for more economic growth going forward.

A statement from the CBN said, exiting recession “at the heels of more stable exchange rate regime, coupled with declining inflation rate, from 16.10 per cent in June down to 16.05 per cent in July, 2017, it is believed that these factors will provide salutary macroeconomic conditions for growth, as anchored on current monetary policy stance of the CBN.”

The statement also noted that the exiting recession at this time confirms the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele earlier prediction that Nigeria will exit recession in this quarter.

It will be recalled that the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele had predicted on 23rd May, 2017 that at the end of third quarter 2017, Nigeria would be out of recession.

Emefiele underscored the possibility of the exit based on the obvious positive economic indices such as downward trending inflation rate, improvement in the GDP growth rate, noting that negative growth rate had decelerated quite significantly, coupled with improvement in the quantum of foreign exchange going to the real sector and industrial capacities.

In his prediction, Mr. Emefiele had said, “We’ve seen positive signs in various economic sectors, I am very confident that at the end of the third quarter, we will be out of this and I still hold that position”.

According to the National Bureau of Statistics (NBS) in its Quarter 2, 2017 GDP Report release