How Nigeria Exited Recession – Lai Mohammed

Minister of Information and Culture, Lai Mohammed [Photo: Daily Trust]
Minister of Information and Culture, Lai Mohammed [Photo: Daily Trust]

The Minister of Information and Culture, Lai Mohammed, has said that taking Nigeria out of recession did not happen by accident but a culmination of hard work and fidelity to well-articulated economic policies.

The minister spoke in Kano on Wednesday at the Fourth Annual Conference of the Association of Communication Scholars and Professionals of Nigeria.

The conference, hosted by the Faculty of Communication, Bayero University, Kano, had the theme, “Communication, Governance and Development”.

The minister said the commitment of the Muhammadu Buhari administration to strategic implementation of the Economic Recovery and Growth Plan, launched on April 5, contributed a great deal in bringing the economy out of recession.

Mr. Mohammed congratulated Nigerians over the good news from National Bureau of Statistics but noted that the naysayers and purveyors of fake news would not be happy about the development.

He said, “While this is good news for the good people of Nigeria, it will be very sad news for the purveyors of fake news, disinformation and hate speech.
“Why? Because part of the reasons they have devoted their energies to spreading lies about the administration is to pull the wool over the eyes of Nigerians and give the impression that the administration is not working,” he said

He stressed that contrary to the disinformation being spread by naysayers, the administration was working and the results were showing.

The minister recalled that the country had been on the path toward recession since mid-2014 but officially slipped into recession in the second quarter of 2016.

He attributed the recession to a combination of factors, including total dependence on a mono product – oil – and the failure to save during the boom years.

Mr. Mohammed said that some right steps that had culminated in the good news being celebrated included deliberate government policies to grow the oil and non-oil sectors and economic diversification programmes.

“The non-oil sector was driven principally by strong growth in agriculture and solid minerals sector, and reversal in the previous contraction of the manufacturing and construction sector,” he said.

He said inflation rate that rose astronomically in 2016 from 9.03 per cent in January to over 18 per cent by December had consistently declined every month since January 2017.

The minister also identified positive foreign trade with rise in export and decrease in import, as well as increased foreign investment and capital inflows as reasons for the country exiting recession.

He said the massive road and railway construction work across the country were bringing back many jobs that had been lost in the sector.

“For three years before this government came in, contractors were not paid. That’s now history,” he said.

Mr. Mohammed said that the food prices that were still high were being addressed with appropriate monetary and fiscal policies.

He said although the current data on the country’s unemployment rate was still being awaited but as the economy recovered and private economic activities firming up, prices were expected to fall.

The minister commended the association for organising the conference.

Governor Abdullahi Ganduje of Kano State said the conference came at a time that there was increase in hate speech and fake news in the country.

The governor, represented by Mohammed Garba, the state Commissioner for Information, urged participants to give recommendations that would check hate speech and fake news.

The conference was attended by a former senator, Jubril Aminu, former Director General of NTA, Tony Iredia, and the Vice- Chancellor of Bayero University, Mohammed Bello, a professor. (NAN)


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  • MilitaryPolice01

    Lai = Lie

    • share Idea

      Nigeria entered into recession last year, APC claimed it was a result of last administration corruption and price of crude oil, now that Nigeria is out of recession and the price of crude oil is still not high and corruption is still very high, they twisted the fact to suit their narratives. Your comment is very apt

      • Man_Enough

        You ignored the diversification into other aspects of the economy as mentioned by Lai to suit your narrative. Not fair.

        • share Idea

          If you understand what diversification is , you should not have brought up the term. Does diversification mean looking for oil in Borno where BH hold sway even in the imminent threat of the world moving to renewal energy.

          How many things has this administration done towards agriculture that they sell to gullible people on the media. Do you know how many silos that were constructed by last administration –
          That is proper demonstration of seriousness in diversification.

          Have you asked yourself why inspite of claim from this administration, prices of foods are still very high. This government raised the price of fuel from 87 naira to 145, and just recently claimed to have crashed the price to 142 naira. Please stop allowing yourself to be deceived by this lying administration.

          • progressive

            I shouldn’t be exchanging words with people like you because you pack morality .

          • woman leader1

            Exactly!

          • dpfrank

            -Foreign reserve hit $32 billion as of this week, highest mark since January 2015.
            – FIRS generates N2 Trillion in 7 months.
            – Nigeria officially exits recession.
            – Domestic cost of gasoline and diesel drop.
            – Naira stabilizes against other currencies.
            -Nigeria approach 80% local production of rice consumption requirement.
            – installed capacity of generated power now approaching 6700MW.
            – Nigeria Customs generates N486 billion January to June 2017.
            -Nigeria to stop importation of petroleum products and become a net exporter 2019.
            -all 3 refineries fully functional.
            There is still a lot to do but we are moving in the right direction.

        • Night Crawler

          You are right

      • dpfrank

        How about this?

        “Over 20 billion dollars unremitted to the federation account, and if nothing is done by 2015 upward, Nigeria will know what economic crisis is”
        ~ Emir Sanusi Lamido Sanusi

      • Night Crawler

        Corruption has no where to stay, its been dealt with, with PMB anti-corruption fight and #ChangeBeginsWithMe launched by the minister of information. Keep your finger crossed and see things unfold itself after we exited recession

        • share Idea

          Can you stop dancing naked in the open place. Transparency Internal rating under Buhari did not show any change from the stage GEJ left it.

          NBS released report which showed that 400B naira were given as bribe under Buhari in one year. Grass cutting is now a big business for people in the corridors of power….

    • woman leader1

      Shut up

      • MilitaryPolice01

        My woman leader lol, I see you and your pack are out 🙂

        • emmanuel

          He is the same character, who engage in the sow of shame alone for the pittance he is paid by his master
          I am sure he belongs to the disbanded off Allen guys who help Jega to hack into INEC website for 2015 electoral fraud.

          • MilitaryPolice01

            Lol bro, they are funny the clowns – whenever they attack in packs it just feels like you are been swarmed by a bunch of clowns

    • SpeakOut

      Mumu, I wonder who gave you access to internet.

      • stackCrawler

        Lol; me too o

    • progressive

      Myopic

    • dpfrank

      F00l

    • daygea

      You need a brain transplant.

    • Night Crawler

      Biafraud Secret Service and Air brain spotted,

      • MilitaryPolice01

        You can call me any name in the book of insults but Biafra Secret Service – God forbid, that is very denigrating.

  • All Trust

    I disagree with you Oga Lai Muhammed. The truth is that this is a bounteous period for the world. All major global economies are growing strong at this time. Nigeria coming out of recession has nothing to do with your ‘hard work and fidelity to well-articulated economic policies’. I may not be very scientific but I have always observed that recession must always come at a time. Every economy is in a cycle of growth to recession. After growth comes recession and vice versa; no economy has ever avoided this cyclical pattern. Unfortunately, Nigeria remains at a low point such that out-of-recession impact is never felt as people continue to be poor and jobless; public amenities and social services continue to be substandard and non-existent with corruption widespread.

    • Powerlessconscious

      Where is the corruption?

      • progressive

        Stealing was the achievement of pdp

    • woman leader1

      You haven’t said anything

      • stackCrawler

        Just ranting aimlessly

        • woman leader1

          Exactly!

    • SpeakOut

      What’s a pity, you sounded like an educated ignorance, before a country come out of recession, a lot of hard and determination, focusing in areas that will help, monetary policies matters also, Bro use your brain na.

    • progressive

      It a pity that people like you are not saying the truth when pdp was in power we all know how they stole so much billions we can see how they are buying houses in abroad and Dubai with tax payers money is that fair you now come on here and be blaming this present government

    • dpfrank

      Crap from a negative minded fellow.

    • front man

      I disagree with you why Czech Republic hasn’t come out of recession

    • Night Crawler

      Continue deceiving yourself, not everyone has the right group of people in their cabinet like PMB, he choose technocrats who help make result shows that his working, but your likes which keeps beating around the bush without concrete evidence, just to distract the PMB and members of his team

  • Kay

    I wish Nigeria more of God’s divine help. I see hope.

    • 0tile

      You see hope in lies.

      • Kay

        I follow events, so I know what I am talking about. Two to three years from now, Nigeria will be far better than it is presently. It isn’t everything that’s happening that is negative. There are positive things happening too.

        • woman leader1

          Thank you for saying it loud

          • stackCrawler

            Yes oo

        • progressive

          Don’t mind him he can’t know what you mean he only believes on propaganda that he put out there .

        • dpfrank

          That is the spirit of progress

        • Night Crawler

          You are right

        • 0tile

          In other words you are promising us that in two to three years from now Fulanis will be capable of wiping out whole tribes to inherit their belongings. Is that positive too?

      • woman leader1

        You think everyone will be like you, look beyond your eyes.

        • stackCrawler

          Gbam

        • dpfrank

          He is blinded by hatred

          • woman leader1

            Obviously!

      • SpeakOut

        Cant you give a reasonable comment, you don’t have to build on someone else’s point. Capone human being.

        • stackCrawler

          Abi o

        • 0tile

          Yeah, …you don’t have to build on someone else’s point. Why then do you build on Imam Buhari’s bigotry?

      • progressive

        Bigot you better go and look for something to do moreover there is hope for people like you come 2019

      • dpfrank

        You are too negative minded to see hope in truth

      • front man

        Trash

    • progressive

      There is hope indeed this government is ready to put food on our table not like what we used to have before

    • dpfrank

      We have a competent economy team

    • front man

      There is hope for Nigeria because of the capable hands leading presently

    • Night Crawler

      Amen, Nigeria will be great again with someone like you who believes in this administration

  • Ken

    There is no truth with Liar Mohammed. There is no pulling of any wool, Buhari and Apc are not working. They should be relieved of the burden of governance which they can’t cope with.

    • woman leader1

      You make no sense.

      • stackCrawler

        I concur

      • Ken

        I think you should go through the article again. What is Liar Mohammed saying? Look at his mouth, that is a mouth of a profuse liar. The Apc janjaweed called government has done nothing, rather they came and hardened the situation. What exactly has Apc done? If the boys threaten now, all these talk would vanish. As we speak the Service sector recession remains. Inflation is at roof top double digit at over 16%. We pray that their sloppiness and tactless governance does not slip us back.

    • Realchange

      Ode…the minister was right when he said some purveyors like u won’t be happy…is HMIC telling lies now? He is always right and that is my reason i love the amiable minister

      • progressive

        Don’t mind those pdp e rats fools they are hungry that was why they are complaining they have no money to steal again

      • stackCrawler

        Nasoooo

      • dpfrank

        Well said man

    • SpeakOut

      Nothing has appeared to be real to you, not has always been truthful to you, you condem everything he said, keep loosing your brain while this government continue to achieve, miscreants.

      • stackCrawler

        Don’t mind him ; he’s a numbskull

      • dpfrank

        We are leaving all the doubting Thomas behind

    • progressive

      How would you believe when i I know that corruption have taken all over your life the era of impunity is over and stop making noise

      • stackCrawler

        Abi ooo

    • stackCrawler

      Shut up you cow

    • dpfrank

      Are you alright?

    • front man

      Show us your truth if HMIC is lying
      Monkey

    • Night Crawler

      Kindly come up with your own truth… Maybe you are still pained by election defeat

  • SpeakOut

    HMIC has always been a relevant tools to the nation, PMB and is administrations has done a great job for taking HER country out of recession, God bless Nigeria.

    • stackCrawler

      Gbam; you have spoken well

    • dpfrank

      When I said it earlier that PMB is the right man for the job some irresponsible elements did not agree.

    • front man

      That’s why he was chosen to lead his ministry

  • progressive

    Kudos to lai Mohammed he has said it all it all about hard work and the focus is really focused as well that was why nigeria was out of recession as lai Mohammed have said earlier on

    • stackCrawler

      Big big Kudos to HMIC ALH LAI MOHAMMED:

    • woman leader1

      Very true

    • dpfrank

      You are right

    • Night Crawler

      Well said, no matter the distraction of opposition, this administration will prevail

  • stackCrawler

    Alh Lai Mohammed; always on point

    • front man

      Yeah

  • stackCrawler

    Thank ooo sir HMIC for this wonderful update

  • woman leader1

    HMIC is a blessing to Nigeria.

  • woman leader1

    HMIC is doing is job perfectly

  • daygea

    Kudos to HMIC for always making Nigerians aware of developments.

    • Night Crawler

      His the best minister of information Nigeria ever had

  • daygea

    The hard work of this present administration is moving the country forward in the right direction.

    • front man

      Well contributed

    • Night Crawler

      You are right… Let the good work continues

  • dpfrank

    This was where the economy trouble began, we must not forget. But thanks to the Buhari administration.

    “Over 20 billion dollars unremitted to the federation account, and if nothing is done by 2015 upward, Nigeria will know what economic crisis is”
    ~ Emir Sanusi Lamido Sanusi

    “Whoever wins 2015 will NEVER find it easy to govern. Over 30 trillion is mismanaged, unaccounted for or missing under Jonathan.”
    ~ Prof Charles Soludo

    “Our reserve is depleted and our savings are squandered. Our nation is in trouble.”
    ~ Dr Oby Ezekwesili.

    • front man

      Well spotted

    • Night Crawler

      You are right, may God help and save us from enemies within, that is a wolf in sheep clothing

  • dpfrank

    Thanks to the world class economy team under PMB that rescued Nigeria from the shackles of economy bankruptcy brought on her by the PDP

    • front man

      Well contributed, the economic Team under president muhammed buhari really worked tirelessly to move Nigeria out of recession

      • dpfrank

        You can say that again, we have a competent economy team under PMB

        • front man

          Yes oooo God bless you

          • dpfrank

            Amen and you too

        • Olatubosun

          Yes o…
          I really love the team..
          They are performing

    • Olatubosun

      You are a good citizen of this country…
      God bless Nigeria

  • THEARGUMENTATOR

    Not so a country that was able to tackle/ fight and defeat recession like Nigeria had in a little space of time. It shows together we can do great things and overcome any problem faced. God bless Nigeria and everyone in It.

    • Night Crawler

      Amen, this shows commitment of this administration, we will soon see some light at the end of the tunnel

    • emmanuel

      Which recession are you out of? Infact, you are getting the World to think twice before employing Nigeria graduates going forward, because what is up now is a grand fraud, misinformation and a show whimsical shallow understanding of economics by majority.
      No foreign Investor will take this story for any value except that it is sheer deceit. Countries do not come out of recession by mere wishful thinking and philosophical rhetorics

    • Olatubosun

      Yes o…
      You are correct

  • front man

    Kudos to the great team under pmb

    • Olatubosun

      Yes o my guy the team is really performing…
      Compare to the sixteen years of pdp that misled us…

      God bless Nigeria and God bless buhari and his cabinets

  • front man

    Great kudos to HMIC for all the updates on Nigeria

    • Border_Marksman

      And he is the most handsome man in Nigeria. Don’t you agree?

    • emmanuel

      You keep drawing people into the turf to remember that there is an evil currently ravaging Nigeria information sphere named Liar Mohammed.
      What is honourable about a man that even primary school children know has no integrity? He is simply Minister of Information and culture.
      Please, just leave him alone to be himself and stop nauseating us.

    • Olatubosun

      We say two millions kudos to our great man..
      Alhaji Lai Mohammed…. He deserves to be honored for his good work

  • front man

    Haters can continue to rant what they are paid to do, good people of Nigeria don’t care

    • Olatubosun

      Haters will dance yahooze to hell fire

  • front man

    Progression of this country is paramount to Good people of Nigeria

    • Olatubosun

      Correct

  • Night Crawler

    Big up to honorable minister of information and culture, Alh Lai Mohammed coming out once again to analyse how we exited recession through hard work of PMB, this is a welcome development in the right direction, Nigerians should look toward to good things ahead. Together Nigeria will be great again

    • Border_Marksman

      Yes! The hard work of PMB. What the haters don’t know is how he was staying up all night and working so hard during his medical vacation in London. That was why he couldn’t recover on time. He didn’t rest until we got out of ‘recession’. The man almost sacrificed his life for Nigeria and people don’t know. The Lion of Daura! Sai Baba!!!!

      • emmanuel

        shallow brain minion- Border_Marksman, Night Crawler, progressive, front man, women Leader1,dpfrank, daygea, StackCrawler, Speakout etc you are a daft and with very low cognitive domain.
        You are a shame to you rmaster.

        • Border_Marksman

          Haba! @Emmanuel, wasn’t my sarcasm obvious? We are on the same side my broad.

    • Olatubosun

      Yes o….. My honorable is a great man and he is a great Messiah to the masses

  • mamaT

    we were able to tackle/fight against recession becos of the great hard work inwhich this administration has put 2gether! we thank God for this greater achievement and ofcourse better futures await Nigerians….inlove we stand! God bless PMB and his cabinets!!! Nigeria is so alive

    • Econometrico

      @disqus_EBtQg8aqe1:disqus

      Jobless exit from recession in theory

      No so, actually. Buhari’s ignorant economics pushed Nigeria into economic recession in the first place.
      Once Buhari devalued the Naira by 62% and hiked petrol price by 64% the resultant inflation spiked.
      Prices of goods and services almost tripled against stagnant wages. Personal debts soared and
      non-performing loans on bank books increased, as factories and companies closed down and
      retrenched staff en masse. Small businesses could no longer continue with devalued capital
      and retrenched in tandem. Altogether no fewer than five (5) million Nigerians were laid off,
      as un-employment figure rose above the 28 million mark. That 28 million un-employment
      figure meant reduced effective demand in economics. And as sales of services and
      goods reduced, debts soared and economic recession followed. Nothing that the
      Buhari government did changed the dismal economy. What happened was that
      oil price improved on global markets to reach $51 lately. That improved the
      country’s exports revenue over the imports expenditure marginally – hence
      a jobless exit from recession in theory.

      • NaijaMindOfChange

        U re only dismally urself cos is ur nature

        • man leader

          moron mind

          PS NOTE: APC e-rat shamelessly present with these identities: Powerlessconscious; OMOLOYIN; El-batuta; dele20; front- man; dpfrank; stackCrawler; woman leader1; Sincere-Voice; Olatubosun; progressive; daygea; SpeakOut; MadeOfMore; NaijaMindOfChange; LagosBoy; mamaT

          It advocates garbage. Liar Mohamed pays with our tax money! We’ll rubbish It.

      • Olatubosun

        Who asked for this sermon?

        • man leader

          u
          PS NOTE: APC e-rat shamelessly present with these identities: Powerlessconscious; OMOLOYIN; El-batuta; dele20; front- man; dpfrank; stackCrawler; woman leader1; Sincere-Voice; Olatubosun; progressive; daygea; SpeakOut; MadeOfMore; NaijaMindOfChange; LagosBoy; mamaT

          It advocates garbage. Liar Mohamed pays with our tax money! We’ll rubbish It.

  • emmanuel

    Government of fraudulent people.
    Nigeria is still very deep in depression, because there was no time the government has spent monies since the depression to get out of it, neither were there enough economic activities which led to aggregate demand and supply forces moderating recovery (self adjusting mechanisms). Unemployment is still growing, job losses are continuing, more businesses are closing down, more residential and commercial properties are becoming vacant without indication of take-ups, more vehicles with filled bottle water on top are increasing on the street of Nigeria (for sales), more companies are folding up, more banks are getting technically distressed.
    What we kept hearing, were philosophical and religious innuendos about a hopeful recovery and before long, they began to drop inflationary indices, without market fundamentals to support such

    • NaijaMindOfChange

      U re fooling urself…..if u don’t have anything reasonable keep ur dirty mouth shut

    • Olatubosun

      You are a satanic device

      • man leader

        You will always be detected

        PS NOTE: APC e-rat shamelessly present with these identities: Powerlessconscious; OMOLOYIN; El-batuta; dele20; front- man; dpfrank; stackCrawler; woman leader1; Sincere-Voice; Olatubosun; progressive; daygea; SpeakOut; MadeOfMore; NaijaMindOfChange; LagosBoy

        It advocates garbage. Liar Mohamed pays with our tax money! We’ll rubbish It. r

  • Olatubosun

    Well said my honorable minister of information

    • man leader

      You will always be detected

      PS NOTE: APC e-rat shamelessly present with these identities: Powerlessconscious; OMOLOYIN; El-batuta; dele20; front- man; dpfrank; stackCrawler; woman leader1; Sincere-Voice; Olatubosun; progressive; daygea; SpeakOut; MadeOfMore; NaijaMindOfChange; LagosBoy

      It advocates garbage. Liar Mohamed pays with our tax money! We’ll rubbish It.