Nigeria’s economy recovering gradually –Buhari

President Muhammadu Buhari has revealed that Nigerian economy was on a rebound and gradually reviving, citing result of the last farming season which he said was quite good.

The President, who stated this when he played host to the outgoing Saudi Arabian Ambassador to Nigeria, assured the outgoing envoy that the two countries would have more areas to collaborate in future.

Recent economic indicators has shown that consumer prices rose from 1.0% to an eight-month high of 1.5% in February, while Inflation moderated from 18.7% in January to 17.8% in February, marking the first decrease since
October 2015 and the lowest since August 2016.

Experts had earlier predicted that the economy is expected to rebound this year on higher oil earnings and fiscal spending.

The recovery, however, is fragile and depends mostly upon policy action by the government to unleash growth in the non-oil sector.

The economy had been projected to grow at 1.2% in 2017, even as relationship between Nigeria and Saudi Arabia was described as a mutually beneficial one, which should grow stronger in the years to come, according to President Muhammadu Buhari.

The President while receiving the outgoing Ambassador of the Royal Embassy of Saudi Arabia, Fahad Bin Abdullah Sefyan, in a
farewell audience at State House, Abuja, Thursday, observed that the relationship between the countries was strong, adding that
apart from visiting Mecca and Medina for religious reasons, a lot of Nigerians are in Saudi Arabian universities.

“I quite appreciate the relationship between the two countries,” the President stressed.
Ambassador Sefyan, who spent 20 months on tour of duty, said he loved it in Nigeria, and would have wanted to stay for longer, if
not that he was now due for retirement.

He commended President Buhari’s visit to Saudi Arabia in February last year, urging that there should be reciprocal visits
between the leaders of both countries.

On the security situation in Nigeria, the outgoing Ambassador told the President: “I think you are doing very well, Your Excellency. We know what you have done with Boko Haram, and we applaud you.”