The
Speaker of the House of Representatives in Nigeria, Mr Yakubu Dogara, has
asked citizens to be patient and have unwavering confidence in the
future of the nation’s economy which is currently in recession. He reassured citizens
that the Federal Government of Nigeria would find solutions to the current
economic recession.
Nigeria’s
economy had officially slipped into recession few weeks, after a report by the National Bureau of
Statistics showed that the
nation’s Gross Domestic Product contracted.
According to the
report, the decline of 2.06% in the second quarter of 2016 has caused
the Naira to get weaker while lower oil prices dragged the oil sector down.
The output
shrunk by 0.36 in the first quarter.
During the
quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices. This
growth was lower than the rate recorded in the second quarter of 2015 by 2.44%
points.
Mr
Dogara made the call in Abeokuta, the Ogun State capital on Friday after a
meeting with the Ogun State Governor, Mr Ibikunle Amosun, at the Government
House in the state’s capital.
Reacting to the
state of emergency on the economy by the Nigeria Governors Forum, the Speaker
said that the forum was entitled to its opinion.
He told
reporters that the members of the House of Representatives would soon come out
with their own views on the economy.
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