Nigerian current GDP very encouraging, says budget minister

Nigeria is moving out of recession, its budget minister said on Wednesday.

“We discussed at length the GDP results just released and found the GDP performance very encouraging,” Udoma Udo Udoma, minister for budget and national planing, said after a cabinet meeting.

He was referring to data released on Tuesday showing that Africa’s biggest economy shrank by 0.52 percent year-on-year in the first quarter, having contracted 0.67 percent year-on-year in the same quarter last year.