Nigeria is already walking out of recession, says finance minister

Finance Minister, Mrs. Kemi Adeosun, yesterday said Nigeria is already walking out of the economic recession following some positive measures the Federal Government had taken.

Mrs. Adeosun added that the recovery plan was to invest more in infrastructure and stop wastage in governance.


The Minister, in an interview with reporters after the closing ceremony of the 2016 National Council of Finance and Economic Development (NACOFED) conference in Abeokuta, the Ogun State capital, noted that the economic recovery process would be driven from the local, state and the Federal Government levels.



“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; we are getting out of it.


“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 everybody that was here (conference) represented the 36 states of Nigeria and this recovery will be driven from the state and local governments,” she said.


According to her, the diversification of the economy from oil to agriculture and solid minerals is yielding positive results.


She urged the Finance Commissioners from the 36 states and other stakeholders at the conference not to see economic recovery as the Federal Government’s responsibility, but rather join hands to save the economy.


“There are no Federal people; everybody lives in the states. So having everybody together working in the same direction is very important and I want everybody to be included,” Mrs. Adeosun said.

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