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FG Blames Long-Standing Recession On Niger Delta Militancy

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[caption id="attachment_13859" align="alignnone" width="699"]Vice President Yemi Osinbajo[/caption]

The Federal Government has blamed prolonged economic recession in the country on activities of militants in the oil-rich Niger Delta region.

The National Bureau of Statistics (NBS) had released a report, on Monday, indicating that recession in Nigeria had persisted for three quarters.

According to the NBS report, Gross Domestic Product (GDP) fell by -2.24% in the third quarter of 2016 as compared to the decline of -2.07% seen in second quarter.

Meanwhile the National Economic Management Team (NEMT), headed by Vice President Yemi Osinbajo, has attributed the prolonged economic crisis on vandalism and sabotage of oil installations by militants in the Niger Delta.

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In a statement issued by the Special Adviser to the President on Economic Matters, Adeyemi Dipeolu, the NEMT further said that the “continued out-sized influence” of the oil sector on the Nigerian economy was a remote cause of the long-standing economic downturn.

The NEMT, however, said that efforts were ongoing to resolve the Niger Delta crisis, adding that several channels of communication had been opened by the Federal Government for dialogue with relevant groups in the region.