On Wednesday the 31st of August 2016, the Nigerian Presidency declared that the economy is performing better than the International Monetary Fund (IMF) had predicted, despite being in a recession.

“Besides the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the IMF had estimated with clear indications that the second half of the year would be even much better,” said Dr. Adeyemi Dipeolu, Special Adviser to the President on Economic Matters.

Dr. Dipeolu said this in reaction to the recently released GDP figures for the 2016 second quarter by the National Bureau of Statistics. He attributed the decline in GDP by -2.06 percent in the second quarter of 2016 to a sharp decrease in the oil sector due to huge losses of crude oil production as a result of vandalism and sabotage.

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