7 September 2017
By James Ojo
Former Vice-President, Atiku Abubakar on Wednesday, warned Nigerians not to get carried away by National Bureau of Statistics, NBS, report that Nigeria had exited recession, saying there is still high level of inflation in the country despite the report.
Cerebral Lemon recalls that NBS had in its report released on Tuesday announced that the country’s economy grew by 0.55 per cent after five negative outlooks, adding that the Gross Domestic Product, GDP, recorded a positive growth after five consecutive quarters of contractions.
The news has continued to generate excitement in many quarters while some others have expressed their reservations.
Reacting to the report, the former Vice-President pointed out that the country cannot be said have exited recession until all Nigerians can afford three square meals.
The Waziri of Adamawa who spoke through his Twitter handle said while he is happy with the report, there are still a lot to be done because inflation is still high in the country.
He canvassed for continuous effort to expand economic opportunities for all Nigerians.
Atiku said: “We must continue working hard to expand economic opportunity for all Nigerians. When all Nigerians can eat three square meals, that’s when the real recession ends. We have work to do.
“As a Nigerian, investor and employer of labour, the news of Nigeria’s official emergence from the recession is most welcome. The news is surely a boost for Nigeria – it tells investors, local and foreign, that our economy is worth investing in.
“While we rejoice, it’s also important to recognize that economic weakness at the bottom of the pyramid remains. Inflation is still high.”
Cerebral Lemon earlier on Wednesday reported that the Peoples’ Democratic Party (PDP) shared the same view on the NBS report that announced Nigeria’s exit from its worst recession in 29 years.
The National Caretaker Committee of the Party, Senator Ahmed Markafi had on Tuesday said the statistics might not reflect reality.
Meanwhile, Chief Executive Officer (CEO) of NBS, Yemi Kale said the effect of Nigeria coming out of recession will not be felt immediately by the people as expected.
He said: “There is a different stage Nigeria must go through before the masses will feel the effects of going out of recession.
“Out of recession is the first step which is very important then the country can talk of economic recovery which is going back to where Nigeria was before the recession.”