Nigeria working hard to cushion effects of recession: minister

The Nigerian government is working hard to cushion the effects of the current economic recession in the country, Minister of Women Affairs and Social Development said Monday.

Speaking at a Town Hall meeting in northwest city of Kano, Aisha Jummai Alhassan said the present administration had taken measures to alleviate the sufferings of the people as a result of the recession.

The meeting was organized by the government to sensitize people on the harsh economic realities confronting the nation and the way forward.

Alhassan said it is in line with the government's effort to alleviate the sufferings of Nigerians that it put together social investment intervention program.

She said the program, which consisted of five pillars, was designed to improve the socio-economic status of Nigerians, especially the less-privileged.

Meanwhile, the Lagos Chamber of Commerce and Industry (LCCI) has predicted that Nigeria will surmount its economic woes and come out of the recession stronger in 2017.

President of the Chamber, Nike Akande said Nigeria, as the giant of Africa, would not stay too long before bouncing back to its former pride of place among the Commonwealth of Nations.

Also, the Managing Director of Bank of Industry (BOI), Waheed Olagunju, said right investment portfolio and diversification would get Nigeria out of recession in short time.

"We need to encourage more investments because increased investment is one of the ways we can get out of recession. When you invest, it increases production and the Gross Domestic Product (GDP) increases," he added.

"We can only grow our economy by providing wide range of investment portfolios and also encourage manufacturing which is a key to any economic development," he said. Endit