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Nigerian president to address lawmakers on economic recession Dec. 14

Xinhua, December 7, 2016 Adjust font size:

Nigerian President Muhammadu Buhari will on Dec. 14 address a Joint Session of the National Assembly on steps being taken to steer the nation out of recession, the country's Senate said Tuesday.

President of the Senate Bukola Saraki, who announced this at the floor of the upper chamber in Abuja, said the Nigerian leader will also present the 2017 budget proposal to the National Assembly.

Nigeria's economy officially entered recession in September. Figures recently released by the National Bureau of Statistics further showed a weak macroeconomic performance when the Gross Domestic Product (GDP) in real terms contracted by 2.24 percent year-on-year in Q3.

Recession, which is a major decline in sector-by-sector economic activities lasting more than a few months, is technically indicated by two consecutive quarters of negative economic growth as measured by the country's GDP.

The present recession has left Nigeria with a bevy of recalcitrant problems, which range from surging inflation to depleted foreign reserves and weaker Naira. The oil sector, which is Nigeria's mainstay, is dented by the vagaries of global oil price, the drop in local production of crude oil and the violent activities of militants in the southern region of the country. Endit