Oil exports controlled imports aided nigerias exit from recession nbs
A great topic!
You're referring to the role of oil exports and controlled imports in Nigeria's exit from recession, as reported by the National Bureau of Statistics (NBS).
Here's a breakdown of the key points:
- Oil exports: Nigeria's oil exports played a significant role in the country's economic recovery. The country's oil production and exports increased significantly in 2020, which helped to boost the country's foreign exchange earnings and GDP.
- Controlled imports: The Nigerian government implemented measures to control imports, which helped to reduce the country's import bill and conserve foreign exchange. This was achieved through a combination of policies, including:
- Devaluation of the naira: The government devalued the naira to make imports more expensive, which helped to reduce demand and conserve foreign exchange.
- Import restrictions: The government imposed restrictions on certain imports, such as rice and other food items, to reduce the country's import bill.
- Trade agreements: Nigeria negotiated trade agreements with other countries to increase exports and reduce imports.
- Economic recovery: The combination of increased oil exports and controlled imports helped Nigeria to exit recession in the second quarter of 2020. The country's GDP grew by 2.28% in the second quarter, marking the end of a five-quarter recession.
- NBS report: The National Bureau of Statistics (NBS) reported that Nigeria's economy grew by 2.28% in the second quarter of 2020, driven by the growth in the oil sector and the non-oil sector. The NBS also reported that the country's foreign exchange reserves increased by 12.4% in the first half of 2020, driven by the growth in oil exports and the reduction in imports.
In summary, the combination of increased oil exports and controlled imports played a crucial role in Nigeria's exit from recession, as reported by the National Bureau of Statistics (NBS).