Nigeria is getting out of recession, says Adeosun

Nigeria's Finance minister Kemi Adeosun PHOTO: PHILIP OJISUA

Nigeria’s Finance minister Kemi Adeosun PHOTO: PHILIP OJISUA

Finance Minister Kemi Adeosun has said that Nigeria was already getting out of the economic recession as a result of some positive measures the Federal Government was putting in place.

Adeosun, who spoke with journalists after the closing ceremony of the 2016 National Council of Finance and Economic Development (NACOFED) conference in Abeokuta, the Ogun State capital, said the economic recovery process would be driven by local, state and federal governments.

She disclosed that the recovery plan of the government was to invest more infrastructure and stop wastage in government, stressing: “We are investing more in capital expenditure than we have ever invested. We are sorting out infrastructure, we are stopping wastage and so the sign of recovery is already there.

“We are already getting out of recession because of the actions the Federal Government is taking. If you are in a problem, the day you start to step towards progression, you are already getting out of it.”

The minister, who expressed optimism that the efforts of the government towards diversification of the economy from oil to agriculture and solid minerals were already yielding positive results, further said: “Agriculture and solid minerals are already starting to grow and so they are responding to our policy initiative and we are expected to continue in that direction.

“Nigeria is getting out of the trouble that we have found ourselves; we are turning things around and I believe everybody is united and this recovery will be driven from the state and local governments.”

She, therefore, urged the finance commissioners from the 36 states and other stakeholders that attended the conference not to see the task of economic recovery as that of the Federal Government alone but rather join hands to save the economy.

Former President Olusegun Obasanjo in his speech at the opening ceremony of the conference on Tuesday threw his weight behind the sale of national assets as one of the major steps to revamp the economy.

He said that he foresaw the recession two years ago and hinted the then President Goodluck Jonathan’s administration but did not take any proactive measures against it.

According to him, he saw no reason why some of the country’s assets could not be privatised or sold to raise money to fund the economy, stressing: “If we sell some of the assets, we will be able to re-organise the economy.”

His words: “I see no reason why 48 per cent of Nigerian National Petroleum Corporation (NNPC) cannot be privatised. I think the fear people are harbouring is the process by which the assets will be sold and how the money from their sales will be spent. ”

“We should prevent reoccurrence of the past where assets were sold to cabals and friends of the government. We should also limit the number of shares that will be sold to either individuals or corporate bodies.

“I think government should come out and explain to the people how the assets will be sold to allay their fear.”He also expressed worry over the growing number of jobless Nigerian graduates, saying they represent the most dangerous and potent “bombs” to the nation today than “bombs made with gun-powder.”

Governor Ibikunle Amosun attributed the recession to over-dependence on oil and decline in its revenue as well as attacks to the oil pipelines.
He, therefore, urged all tiers of government to imbibe the culture of diversification of the economy from dependence on oil.

In this article:
Kemi Adeosun


24 Comments
  • Okoro Tonye

    Can you provide us with an IMF-verified data to support your claims. It’s unbelievable that a finance minister will make such claims without back-up data.

  • bdperez

    Good luck to our Nigerian brothers. As former resident expatriates in Nigeria, I and my family can only wish for the best for the country. But, is it possible for Nigeria to get out of recession when foreign exchange transactions are somewhat controlled or restricted? The manufacturing sector may be having a hard time optimizing its productivity, especially if it uses imported raw materials or finished goods. Also, business travelers who are facing difficulties in obtaining dollars could also be putting pressure on the economy. In fact, a number of foreign airlines, as the news has it, have in the meantime suspended their operations in Nigeria. That could likewise be hurting the nation in this respect. Nonetheless, we are still confident that Nigeria can weather the storm, just like the way it parried Ebola.

    • FuzzyLogic

      Thank you for the advice. We need it.

  • capt.aka eric

    always talking stories…….

  • NIGERIA IS GETTING OUT OF RECESSION!!!
    IS IT BY VERBAL PRONOUNCEMENT OR MERE WISH???

    I AM YET TO SEE ANYTHING MEANINGFULLY BEEN PUT ON GROUND BY GOVERMENT TO ADDRESS THE CURRENT ECONOMIC IMPASSE BESIDE THE ROUTINE BLAME ON THE LAST GOVERMENT OF GEJ AND THE MONTHLY SHARING OF MONEY AMONG THE FEDEREAL, STATE & LGA.

    A QUICK WIN FOR THIS GOVERMENT IS TO ALLEVIATE THE PRESENT ECONOMIC CHALLENGE IS TO PUT MORE MONEY WITH ADEQUATE SUPERVISION IN AGRICULTURAL ACTIVITIES, REVIVE THE REFINERIES THIS WILL CONSERVE MONEY WITHIN THE COUNTRY AND SIGNIFICANTLY REDUCE THE DEMAND FOR DOLLAR AND DEPRECIATION OF OUR RESERVE. OTHERS INCLUDE CREATING A PEACEFULLY ATMOSPHERE IN THE NIGER DELTA TO ENABLE UNINTERRUPTED FLOW AND SALE OF CRUDE (MORE DOLLAR SUPPLY) AND GAS FOR POWER GENERATION (LESS DEPENDENCE ON IMPORTED DIESEL & PETROL FOR POWER GENERATION)

  • AZZO

    We should tap from the resource of other economic experts in the country. With due respect to my dear honourable finance minister, but we can not be seen to be recovering from the recession when the Naira is at =N=480 to the dollar with potentials of plunging further. With due respect, I think we need to engage, and immediately, voluntary services from economic think tanks in the country and abroad to help with key economic decisions in taking us out of this recession. A stitch-in-time-saves-nine.

  • Watch man

    The talk with less actions plus delays are getting more by the day. Madam Minister, please, please you are talking too much. $1=N480 as against the promise of PMB that $1 shall be equal to N1. Please go and do something and not say something.

  • otunne steve gofrey

    With Naira falling too free to NGN500 to a dollar?
    Na waoo for this apc economist ooo.
    Recession is over in the eyes of Madam Kemi when Naira fall to NGN1000 to a dollar, maybe.

  • FrancisN

    This lady Minister must have been scoled for ever opening her mouth to say last week that she did not know when Nigeria will be getting out of recession. The government of Nigeria should stop the talk-shop, but begin walking the talk. The action of this government reminds me Prof Ola Rotimi’s book “Holding Talks” in which government officials hold talks, and talks, and talks ….. and no action.

  • Rommel

    Those talking about N500-$1 should explain the meaning of parallel market, today,$1000 is exchanging for N304,600.00 in bank transactions

    • Primo Compatriot

      Germani soja, is this a serious question? Dollar for aboki (parallel market) na 480 this afternoon. BTW which of the banks gave you the above rate? That 304.6/$1 you stated, is not available to the masses, so don’t quote that abeg.

      • Rommel

        All genuine people that require dollar are getting it at bank rate,how much are the folks back home receiving at money transfer agencies?

        • Primo Compatriot

          Ideally, “all genuine people that require dollar” should get it at bank rate. However, the Naija reality says differently. I guess you’ve not really gone to the bank to order for USD in Nigeria – oh you ain’t here, you’re just speculating.

    • FuzzyLogic

      This rate (N304,600.00/$1000) is only available to Aisha Buhari. The rest of us have to pony up N480,000.00 for $1000.00

      • Rommel

        There are two Aisha Buhari,the Fayose PDP one and the one residing in Aso rock,the one in Aso rock has no such dealings so I assume you must be talking about the Ayo Fayose one

        • FuzzyLogic

          Google ‘Aisha Buhari and foreign exchange transactions’. I am not making this up. Then chose which one it is.

          • Rommel

            I deal with hard facts and not some PDP propaganda,I believe you should know by now how to verify what you read on the internet if you are interested in facts

          • FuzzyLogic

            You will find facts and you will also find fiction on the internet. It depends on which one you are looking for.

  • Primo Compatriot

    Kalamity Kemi you have finally justified your moniker as a harbinger of disaster. You better stop this bullshit and get to work because this your babalawo economics – where you think you can just rub one calabash and come up with stories will not work.

    I like your number line logic though: “… If you are in a problem, the day you start to step towards progression, you are already getting out of it.” The issue is not about being optimistic for the sake of it. Get down to work to turn this economy around and stop dilly dallying.

    • FuzzyLogic

      If we are getting out of recession, then people must feel it in their pockets on their dinner tables if they still have tables. It is not just enough to grab the nearest microphone and make bold pronouncement that have to basis in reality.

      • Primo Compatriot

        You can say that again man. These people are just distractors. Instead of doubling down to do their job they resort to controversial statements and unrealistic stories to keep the nation distracted

  • FuzzyLogic

    Don’t believe it. This coming from someone who said that 16+6=24.

    • Primo Compatriot

      Hahaha … We won’t ever let that go. I have no confidence in an accountant that can’t do simple sums. Ironically, the error was made while talking about an examining body.

      • FuzzyLogic

        Unfortunately that may come to define her tenure as finance minister. Just like David Mark is still answering questions today for saying almost a quarter century ago when he was Minister of Communications that ‘Telephone is not for the poor’.

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