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A former Deputy Governor of CBN, Dr Obadiah Mailafia says Nigeria is on its way out of recession with the prediction of international organisations and the current economic outlook.
Mailafia told the News Agency of Nigeria (NAN) in Abuja on Thursday that some international organisations had projected that the country would likely come out of recession by the end of the year.
He said that the International Monetary Fund (IMF) had said the country might be out of recession as growth had gone back to 0.8 per cent toward the end of the year.
“In 2016, it was negative growth, -1.8 per cent.
“But the IMF and World Bank are saying growth is likely going to be 0.8 per cent; still that is positive.
“It is positive even if it is small, it shows that we are no longer regressing; we are registering some positive growth.
“We hope that by the year end, the growth will be more meaningful and by subsequent year, we would have been out of recession.’’
Mailafia, however, urged the Federal Government to focus on provision of employment for the citizens, especially the youths.
According to him, Nigeria is moving out of recession but the people are still suffering and majority of young people don’t have jobs.
“The unemployment figures are frightened and it is a time bomb. We have to be able to create job opportunities for our young people.
“Otherwise, they are going to use the energy they have in a destructive manner and that is not good enough,’’ he said.
Meanwhile, NAN reports that recent reports by the National Bureau of Statistics confirmed that inflation rate had been trending downwards in the past two months
Also, the global economic recovery is currently gaining momentum with an improved world outlook for 2017 and beyond.
In the case of Nigeria, the IMF/World Bank have projected that the country will be moving back to a positive growth trajectory of 0.8 per cent in 2017.
Although, the projection is lower than the country’s target of 2.19 per cent growth by the end of the year as stated in the Economic Recovery and Growth Plan (ERGP).
It, however, underscores that all projections indicate that Nigeria will be climbing out of recession by the end of the year.