The All Progressives Congress (APC) on Thursday expressed happiness at Nigeria’s exit from recession.
The Nigeria Bureau of Statistics (NBS) on Thursday announced the country’s exit from recession.
In a statement issued by the bureau, Nigeria’s Gross Domestic Product (GDP) grew by 0.11 percent in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
In full-year 2020, however, Nigeria’s economy declined by 1.92 percent beating analysts’ forecast.
The fourth quarter 2020 growth, however, was a weak one when compared to the corresponding period of 2019, ranking –2.44% points lower.
Although the GDP growth in the fourth quarter of last year was higher by 3.74 percent points compared to Q3 2020.
And in a statement issued by the Secretary of its National Caretaker Committee, John Akpanudoedehe, APC said the country’s exit from recession was a product of sound economic policies and not of voodoo economics or a fluke.
The statement read: “The National Bureau of Statistics (NBS) report of Nigeria’s exit from recession in the fourth quarter of 2020 gives credence to the fact that the President Muhammadu Buhari-led government walks the talk on its promises to Nigerians and Next Level plans for the country.
“President Buhari promised Nigeria will exit the economic recession within a short time. That promise has been kept.
“Commendably, Nigeria’s exit from recession is the country’s first growth in three quarters amid the COVID-19 restrictions and consequent economic slowdown. It was not a fluke but as a result of well-planned measures lined up by the federal government to ensure a quick exit.
“The early exit was as a result of among others the successful implementation of the Federal Government’s Economic Sustainability Plan (ESP) which ensured reflating and stimulating of the economy to prevent business collapse; retaining and creating jobs through support to labor-intensive sectors such as agriculture and direct labour interventions; infrastructural investments in roads, rails, bridges; promoting manufacturing and local production as a way of creating job opportunities and pro-poor spending and other social investments targeting the very poor and other vulnerable groups.
“The APC commends stakeholders, particularly the National Assembly, private sector and indeed Nigerians for supporting economic initiatives implemented by the President Buhari’s government to exit recession.
“Nigerians will agree that the past eras of profligacy, voodoo economics, and waste which brought our economy to its knees are fast fading. With continued support for the President Buhari government, the economy can only get better.”
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