Monday, 28 August 2017 19:11

I'm happy the economy is improving - President says

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President Muhammadu Buhari has expressed delight over the 'improvement' in the country's economy, which has been in recession for about two years. Buhari, who just returned to Nigeria last week after a prolonged sick-leave in London, stated this after receiving briefings from Ministers and the Central Bank of Nigeria (CBN) on Monday, August 28. In the statement issued by Buhari's spokesman, Femi Adesina, the President was briefed for nearly two hours about the economy and monetary policies by the Minister of Finance, Kemi Adeosun, the CBN Governor, Godwin Emefiele and the minister of Budget and National Planning, Udoma Udo Udoma. "A delighted president declared that he was pleased with the progress being made on different fronts," Adesina said.

The country has been battling currency crisis and dollar shortages caused by low oil prices, which is Nigeria's main source of revenue. But oil prices have risen since the low prices of 2014, leading to increased receipts and as a result of peace talks in the Niger Delta region, militants have since suspended attacks on oil facilities. The attacks on pipelines cut crude production by more than a third in 2016. Nigerian stocks rose to a nearly three-year-high in August, largely on the opening of a market-determined FX trade window by the central bank in April that has prompted some foreign investors to return.

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