Saturday, April 10, 2021

CBN says Nigeria to exit recession by 3rd quarter…As NBS releases 1st quarter GDP report


Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has said Nigeria will be out of its present economic recession by the 3rd Quarter of 2017.

The governor said on Tuesday that positive indicators are abound that Nigeria is on the verge of exiting the recession by the 3rd Quarter.

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The governor stated this while briefing newsmen after the conclusion of that apex bank’s Monetary policy meeting in Abuja.

The CBN meeting came hours after the National Bureau of Statistics, NBS, has released the 1st Quarter Gross Domestic Products, GDP, report with figures of encouraging economic recovery.

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NBS report said in the first quarter of 2017, Nigeria’s Gross Domestic Product (GDP) contracted by –0.52% (year-on-year) in real terms, representing the second consecutive quarter of milder contraction and boosting optimism that an economic recovery is in the works.

Consequently, Emefiele said at the end of their Monetary Meeting that the positive indicators such as inflation moving upwards and GDP moving up from negative aggregate are indications that by the third quarter of the year, the country will be out of recession.

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The governor, however, noted that the committee voted to keep the MPR at 14%, CRR at 22.5% and the liquidity ratio at 30%.


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