Yemi Kale: There’s A Likelihood Recession Ended In June

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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.

 “If it doesn’t happen in the second quarter, it will be a much more reduced negative, and it will definitely happen in the third quarter unless we have a new round of shocks in the later weeks.”
 At a meeting of the bankers’ committee of the Central Bank of Nigeria (CBN) and other financial institutions on Thursday, stakeholders said, according to TheCable that the economy emerged out of recession as far back as the second quarter of 2017.

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.”

 He said the growth recorded in the major non-oil sectors have influenced beliefs that recession ended in the second quarter.

“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.”

Source: YNaija

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Obayomi Abiola Benjamin
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|Teacher| Writer|Visit https://t.co/65qUiebWrt |God's Pikin| Nigeria will be great again. The change we need in Nigeria begins with all of us doing things differently. Collectively, we can make Nigeria work.

Obayomi Abiola Benjamin

|Teacher| Writer|Visit https://t.co/65qUiebWrt |God's Pikin| Nigeria will be great again. The change we need in Nigeria begins with all of us doing things differently. Collectively, we can make Nigeria work.

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Yemi Kale: There’s A Likelihood Recession Ended In June

by Obayomi Abiola Benjamin time to read: 1 min
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