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Nigeria Steadily Pulling Out of Recession

Nigeria Steadily Pulling Out of RecessionNigeria Steadily Pulling Out of Recession

The Bankers’ Committee of the Central Bank of Nigeria said the Nigerian economy was steadily pulling out of recession. The committee gave the review at the end of its 331st meeting in Abuja.

It said indices on non-oil sector growth in the second quarter of the year showed the economy could recover earlier than expected, AllAfrica reported.

The CBN’s director of banking supervision, Ahmed Abdullahi, told reporters that the apex bank in particular realized about $4 billion in May from the export and investors’ window it created in the foreign exchange market.

Abdullahi, who was accompanied to the briefing by the managing director of Union Bank, Emeka Emuwa, said the fund was part of efforts by the banks to join forces with other key interest groups to accelerate the country’s economic recovery.

He said the $4 billion was not only a reflection of the volume of trading through the export and investors’ window, but also the banks effort to rally support towards economic recovery.

“It shows the banks have contributed massively to bring foreign direct investments into the market. We think things will be looking up. We are hopeful things are going in the right direction,” Abdullahi said.

“Although the numbers are not yet out from the National Bureau of Statistics, the fact that major non-oil sectors have witnessed positive growth make analysts believe the economy could be out of recession by the second quarter of 2017,” he said.

“We await the number from the NBS. But if one looks at the performance of the capital market and the stability in the foreign exchange market, one would see that a lot of progress has been made in getting the economy out of recession.

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