Oil exports controlled imports aided nigerias exit from recession nbs #comments

A great topic!

The Nigerian Bureau of Statistics (NBS) has indeed reported that the country's exit from recession was largely due to the increase in oil exports and controlled imports.

Here are some key points to summarize:

Oil Exports: The increase in oil exports played a significant role in Nigeria's economic recovery. According to the NBS, oil exports rose by 14.1% in Q2 2020 compared to the same period in 2019. This increase in oil revenue helped to boost the country's foreign exchange earnings and reduce the trade deficit.

Controlled Imports: The Nigerian government implemented measures to control imports, which helped to reduce the country's import bill. The measures included the introduction of a border closure policy, which aimed to reduce the importation of non-essential goods and promote local production. The government also implemented a policy to restrict the importation of certain goods, such as rice and poultry products, to promote local production and reduce the country's reliance on imports.

Impact on Economy: The increase in oil exports and controlled imports had a positive impact on Nigeria's economy. The country's GDP grew by 2.28% in Q2 2020, marking the end of a 5-year recession. The growth was driven by the increase in oil exports, as well as the growth in other sectors such as agriculture and manufacturing.

Challenges Ahead: While the increase in oil exports and controlled imports helped Nigeria to exit recession, the country still faces significant challenges. The economy is still vulnerable to external shocks, and the country's dependence on oil exports remains a major concern. The government will need to continue to implement policies to diversify the economy and reduce its reliance on oil exports.

Conclusion: In conclusion, the increase in oil exports and controlled imports played a significant role in Nigeria's exit from recession. The government's measures to control imports and promote local production helped to reduce the country's import bill and boost the economy. However, the country still faces significant challenges, and the government will need to continue to implement policies to diversify the economy and reduce its reliance on oil exports.