The minister of Budget and National Planning Senator Udo Udoma says the Federal Government had started seeing positive signs that the economy which slipped into recession in the third quarter of last year has started recovering.
The minister gave some of the signs that the economy was on its way out of recession as marginal reduction in inflation rate which is the first in 15 months, relative stability in the foreign exchange market, steady increase in the foreign exchange reserves and renewed investor confidence which resulted into the oversubscription of the country’s $1bn Eurobond by eight times.
He said despite the positive signs, the government was still optimistic that the Economic Recovery and Growth Plan which was unveiled three weeks ago would quicken the recovery process.
He said that the government would need the massive cooperation of all stakeholders in the economy for the successful implementation of the recovery and growth plan.
Udoma expressed optimism that the synergy between the private and public would provide the needed impetus for the recovery drive.