Nigeria out of recession by September – Emefiele

Features & Reports

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele says the country will be out of recession by the third quarter of 2017.

Emefiele made the statement on Tuesday, May 23, while speaking in Abuja, The Cable reports.

“My view is that with all the positive signs we see: inflation tending downwards, GDP improving to the extent that negative growth rate has decelerated quite significantly, in fact we have seen foreign exchange going to the real sector and industrial capacities are beginning to improve,” Emefiele  said.

“We’ve seen positive signs in various economic sectors, I am very confident that at the end of the third quarter, we will be out of this (recession), and I still hold that position.

“We would prefer a convergence that will significantly be going southwards, than a convergence that will go northwards. The fact that we have seen a convergence in the southward direction gives us a lot of hope that things are working in the right direction,” he added.

Emefiele also promised that the bank would sustain its current foreign exchange policy in the interest of the Nigerian economy.