As Nigeria officially exists recession, the Central Bank of Nigeria (CBN) 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 macro-economic conditions for growth, as anchored on current monetary policy stance of the CBN.”
The statement also noted that exiting recession at this time confirms the earlier prediction by the CBN governor, Mr. Godwin Emefiele that Nigeria will exit recession in this quarter.
Emefiele had predicted on May 23, 2017 that at the end of the third quarter of 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, 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.