‎Statistics show Nigeria getting out of recession – Adeosun

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

Nigeria’s Minister of Finance, Kemi Adeosun, on Friday said available statistics shows that Nigeria is getting out of recession.

Mrs. Adeosun spoke while featuring on a Channels Television breakfast show, Sunrise Daily.

She said, “I think we are getting out of recession, all the statistics seems to suggest that but more importantly, we are getting on the part of the growth that will be sustainable so we can see a future for Nigeria.

“So, I think it is getting better,” the minister said.

Mrs. Adeosun argued that the Muahammadu Buhari administration inherited several problems when it took office, many of which serve as impediments to attaining its goals of facilitating development across every sector of the nation.

Inspite of the challenges, the nation was getting on the path of sustainable growth, she said.

“We inherited a lot of problems,” the minister said, adding that “the Nigerian economy didn’t just need a little bit of fix here and there but needed radical surgery and to heal it will take a little bit longer.”

The minister explained further that prices of food commodities were high because of the cost of transporting the produce from the local to the urban areas, adding that the government was working to cushion then effect of these challenges.

Nigeria had been bedeviled with numerous economic challenges since Mr. Buhari took over power in 2015.

In March 2016, after two quarters of consecutive negative growth, the National Bureau of Statistics, NBS, confirmed that Nigeria was in a recession, the nation’s first since 1991.

Similarly, the NBS reported in its consumer price index for April that the country’s inflation rate slowed at 17.2 per cent although it remained at almost double the upper limit of the CBN’s 6 to 9 per cent target.

In January, inflation rate had risen to about 18.72 per cent, before dropping for the first time to 17.78 per cent in February and 17.26 per cent in March, and 17.24 in April.

But Mrs. Adeosun, who assured that the economy would soon be in the right shape, urged Nigerians to be resilient and support the government in its developmental plans.

Coronavirus factsheet


PT Mag Campaign AD

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401...

BE THE FIRST TO KNOW! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application