Nigeria’s economic recession, its first in 25 years, “will soon be history”, the vice president said on Tuesday, as the country grapples with high inflation and low prices for the crude oil exports it depends on for revenues.
As part of a medium-term economic recovery plan, Nigeria is targeting a growth rate of at least 7 percent a year by 2020, a far cry from the current situation. In the third quarter of 2016, the economy shrank by 2.24 percent.
“With complete focus on improving the economy every day, the recession will soon be history,” Vice President Yemi Osinbajo said in a statement, without elaborating.
With inflation at an 11-year high, frustration in Nigeria is rising, with protesters taking to the streets of Lagos on Monday to call for a change in government.