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Better performance expected from Nigerian economy

Improvement expected in Nigeria economyNigeria’s economy is expected to perform better in the second half of the year, Vice President Yemi Osinbajo said, following sluggish growth in the second quarter.

Largely dependent on oil reserves, Nigeria began climbing out of its first recession in 25 years in 2016 as global crude prices rebounded and President Muhammadu Buhari’s government implemented the early stages of a turnaround plan.

The recovery has been relatively slow and since the beginning of this year the pace dipped as the oil sector struggled.

“We expect to see the growth figures doing better,” Osinbajo told reporters after the statistics office released April-June figures this week.

“What you are seeing today is a snapshot but if you look at the long term, clearly we are going to be doing much better,” he said, adding a micro-credit programme for two million traders should bear fruit in the coming months.

The pace of economic recovery has been a sore point since Buhari took power in 2015 on promises to rejuvenate Africa’s largest oil producer. Flagging growth could spell trouble for Buhari seeking re-election in early 2019.

The vice president expects a turnaround. “We’re optimistic and going to power into the next year,” Osinbajo said.