Nigeria’s recession “will soon be history”, says vice president

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AGOS  – Nigeria’s economic recession, its first in 25 years, “will soon be history”, the vice president said on Tuesday, as the country grapples with high inflation and low prices for the crude oil exports it depends on for revenues.

As part of a medium-term economic recovery plan, Nigeria is targeting a growth rate of at least 7 percent a year by 2020, a far cry from the current situation. In the third quarter of 2016, the economy shrank by 2.24 percent.

“With complete focus on improving the economy every day, the recession will soon be history,” Vice President Yemi Osinbajo said in a statement, without elaborating.

With inflation at an 11-year high, frustration in Nigeria is rising, with protesters taking to the streets of Lagos on Monday to call for a change in government.

Reuters

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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