President Muhammadu Buhari on Wednesday explained how Nigeria under his leadership was pulled out from the grip of economic recession.
The president spoke during a presidential dialogue session held at the state banquet hall in Abuja.
“Through various monetary and fiscal measures, we restored economic growth, curbed inflation and shored up our external reserves,” Mr Buhari said in his welcome address. “We have witnessed eight quarters of consistent marginal growth of the economy over the past two and a half years.”
The Nigerian economy slipped into recession in early 2016.
This is largely because the country’s economy heavily relies on oil revenue. A slide in oil prices and low output due to renewed insurgency in the Niger Delta region had hit the country and plunged her into recession which threw businesses and families into hardship.
The National Bureau of Statistics (NBS) announced that the country was out of recession in September 2017 but many Nigerians still complained of economic hardship.
The statistics bureau would later in 2018 restate its position that the country was out of recession but said the exit would be felt gradually.
In his address, Mr Buhari said progress in the agricultural sector especially in food production and processing “through our food security and Anchors Borrowers Programmes was also key in pulling the economy out of recession.
He said the programmes provided concessionary credit facilities to farmers in crop production as well as large-scale investors in food processing and manufacturing.
“To consolidate on these and other successes, we will continue to provide incentives that will facilitate investments and create jobs in key import substitution programmes.”
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