President Muhammadu Buhari yesterday said that the real impact of the country exiting recession will be better felt when ordinary Nigerians experience a change in their living conditions.
The President’s reaction came as the Nigerian Economic Summit Group, Lagos Chamber of Commerce and Industry, LCCI and other stakeholders yesterday said that the economy is still performing below its potential and tied to the oil sector, in spite of the second quarter Gross Domestic Growth, GDP, report which indicated that the country is out of economic recession.
Speaking on the country’s exit from recession, President Buhari, who received the President of Niger, Alhaji Mahamadou Issoufou, at his country home in Daura, Katsina State, expressed excitement on the cheering news that the country is out of recession, adding that the real gains should be improved conditions for Nigerians. In a statement signed by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, the President, fielding questions from, newsmen said: “Certainly, I should be happy for what it is worth.
I am looking forward to ensuring that ordinary Nigerian feels the impact.” President Buhari commended all the managers of the economy for their hard work and commitment, stressing that more work needed to be done to improve the growth rate.
He also said: “Until coming out of recession translates into meaningful improvement in peoples’ lives, our work cannot be said to be done.” Calling on the government to expedite action on implementation of the various measures designed to reform the economy, they insisted that the 0.55 per cent growth rate announced for the second quarter by the National Bureau of Statistics (NBS), though a good development, was marginal without any impact on the businesses and welfare of Nigerians.
Also, Special Adviser to the President on Media and Publicity, Femi Adesina, said the cheering news that the country has exited from the economic recession that affected every facets of the economy was an indication that the government was active to its responsibilities to the citizenry. Adesina, who stated this when he received a civil society group, Centre for Civil Society and Justice that was on a solidarity rally in Abuja, said for the country to exit recession was a clear testimony that President Muhammadu Buhari’s administration was working for the progress and prosperity of all Nigerians.
“That shows that we have a government that is working for us. We have a government that is interested in our welfare. We have a government that is interested in our well-being.
“Recession came due to some mistakes of the past and in just about a year, the government battled it and today we are officially out of recession and we give all glory to God.”