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The statistician general of the federation, Yemi Kale, says there’s a likelihood that the economic recession in Nigeria ended in the second quarter of 2017.
In an interview with Bloomberg, Kale he would confirm after the numbers have been collated.
“Intuitively, we might be getting out of recession in the second quarter, but I can’t say until all the numbers are in.
Director, banking supervision of the CBN, Ahmed Abdullahi said bankers have noted a turnaround in the economy.
“The bankers’ committee noted the turnaround in the economy regarding the progress that has been made in getting the economy out of recession,” he said.
“We have strong belief that the second quarter of the year may have seen the economy emerging out of recession.”
“This is a welcome development because it is going to have a rob-on effect on the banking sector and other sectors of the economy generally and the bankers’ committee generally expressed its delight with this development in the economy,” he said.
“We await the numbers from the NBS but there is this strong belief and a number of other reasons as well. If you look at the confidence in the economy, if you look at the upsurge in the capital market, the stability of the forex market, you will know that a lot of efforts have been made in getting the economy out of recession.”