Nigeria’s Economy Will Record Positive Growth By Third Quarter – Bankers’ Committee

Mr Ahmed Abdullahi , the Director of Banking Supervision, Central Bank of Nigeria (CBN) has reconfirmed that the economy would grow out of recession by the third quarter of the year.

Abdullahi revealed this on Thursday said while briefing newsmen on the outcome of the 333rd Bankers’ Committee meeting in Lagos.

According to him, this is because the foreign exchange rate has remained stable between the official and parallel markets following the CBN’s intervention and that the investors’ confidence in the economy was gradually building up.

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He said “The Bankers Committee noted with delight the improvement in the economy in recent times. Although the economy is still in the negative but the size of the negative growth has reduced.

“It is almost obvious that by the end of the third quarter, there will be positive growth and there are a number of indices that are pointing toward that.

“Inflation is trending downwards. It is about 16.25 per cent from 18 per cent that it was.

“The exchange rate has largely stabilised, we are seeing convergence at both the nafex and Importer and Exporter window as well as the Bureau De Changes’ rate.

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“The economy will remain robust now that there is upward growth in most of the sectors of the economy.”

Recall in April, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, said that the country should be out of recession by the third quarter of this year.

“We are very much optimistic that by the end of the second quarter, or latest the third quarter, we should be out of recession that we are in right now,” he said.

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