Home Business Nigeria to be Out of Recession By Third Quarter, Says Emefiele

Nigeria to be Out of Recession By Third Quarter, Says Emefiele

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By Akin Akinremi in Lagos

From the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, came the good news on Tuesday.

Emefiele said with the current efforts by the Federal Government to revive the country’s economy, the country should be out of recession by the third quarter of this year.

He also said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results.

The CBN governor said the country had started to see a downward trend in the prices of commodities, indicating a reduction in the rate of inflation.

“We are very much optimistic that by the end of the second quarter, or latest the third quarter, we should be out of recession that we are in right now,” he said. The CBN governor said these after meeting with the leadership of the Senate in Abuja on Tuesday.

The country had slipped into recession after recording negative growth in the last two quarters.

 

 

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