Mr. Opeyemi Agbaje, the chief executive officer, RTC Advisory said Nigeria may have exited recession but the majority of the economic components, the nonoil sector, are still largely in a recession.
He said Nigeria’s economy exit from the recession was largely dependent on oil prices recovery.
According to Agbaje, Nigeria’s DGP group and the exit out of recession is about 100 percent oil process recovery. So the non-oil economy of Nigeria is still in recession. As at Q3 2017, which is the last available data, the non-oil economy of Nigeria still remains in recession but on the whole, the country exited recession because of oil prices growth.
The Nigerian economy has benefited from the rising oil prices and higher production because of relative peace from the Niger Delta. Some macro indicators are getting better. We have improved GDP growth, stable exchange rate and convergence. We have $40bn foreign reserve. Six months ago, we were at some $23bn. Inflation is also looking better.
On the fuel crisis, he said only full deregulation of the downstream sector can save the situation adding that investments are not happening in downstream sector because of government controls.
Share this
