Data released by the National Bureau of Statistics on Tuesdayshowed a notched-up growth of 0.55 percent in the second quarter of2017, from -0.91
percent in the first quarter of 2017 and -1.49percent in the second quarter of
2016.
The economic recovery was driven by improved performance in theoil, agriculture, manufacturing, and trade sectors.
The economy of Nigeria, the most populous country in Africa, hadcontracted for five consecutive quarters since the first quarter of2016, slipping into
recession for the first time in more than twodecades in August 2016.
The economy had depended on oil, its mainstay, for 70 percent ofstate revenues and 90 percent of export earnings.
Nigeria's economic challenges were compounded by lower oilprices on the international market since mid-2014, causing a hugefall in government revenues,
weakened local currency, and dollarshortages.
Its economic woes were exacerbated by militant attacks on keyoil infrastructure in the restive Niger delta.
Nigerian President Muhammadu Buhari also on Tuesday officiallyconfirmed that the country is out of recession.
Speaking after a closed door meeting with visiting NigerienPresident Mahamadou Issoufou, Buhari said he was "very happy" tohear that the country was
finally out of recession.
Buhari told reporters that the real gain would be improvedliving conditions for Nigerians.
"I am looking forward to ensuring that the ordinary Nigerianfeels the impact," he said.
A statement signed by presidential spokesman Laolu Akande saidthe government was working "to achieve desired outcomes includingsustained inclusive growth,
further diversification of the economy,the creation of jobs, and improved
business conditions."
Nigeria's oil output had ramped up to an average of 2 millionbarrels per day from a low of 1.3 million in 2016, followinggovernment peace talks with oil
rebels in the Niger Delta region.Enditem
MEXICO CITY, Sept. 2 (Xinhua) -- The BRICS countries as a group are playing "a key role" in bringing greater balance to global governance in an increasingly
more plural and diverse world, said Mexican President Enrique Pena Nieto.
Since BRICS members began to meet annually eight years ago, "we have seen important progress in the goals it set, particularly in the area of cooperation
and coordination in multilateral forums on economic and political governance,"
he told Xinhua in a recent interview.
The Mexican leader is going to China to attend a Dialogue of Emerging Economies on the sidelines of the upcoming ninth summit of the BRICS bloc of
emerging nations that include Brazil, Russia, India, China and South Africa.
Chinese President Xi Jinping will be presiding over both the BRICS summit in the southeastern city of Xiamen from Sept. 3 to 5, and the Dialogue of Emerging
Economies and Developing Countries to be held on the final day with the leaders
from BRICS and five other emerging nations: Egypt, Tajikistan, Guinea, Thailand
and Mexico.
The dialogue offers Mexico "an opportunity to present its outlook on the topics that China, as organizer of the event, has brought to the table,
especially development, south-south cooperation, promoting connectivity and
trade, and ways to eradicate poverty, said Pena Nieto.
"Mexico is committed to each of those issues to make headway towards a more just, prosperous and inclusive world," said Pena Nieto, adding "we are most
willing to continue to promote international collaboration towards these goals."
"In addition, we see they (BRICS countries) have focused on innovative collaboration projects, such as the New Development Bank (NDB)," said the
president.
The Shanghai-based NDB was created to supplement traditional West-led lending institutions, including the World Bank and International Monetary Fund, both
based in Washington.
Mexico values China's different development initiatives, including efforts to promote cooperation among emerging economies, between China and Latin America
and with developing countries on the Belt and Road Initiative, he said.
CHINA-CELAC COOPERATION
To drive development cooperation with Latin America, China spearheaded an alliance with the region's largest bloc, the Community of Latin American and
Caribbean States (CELAC). The first China-CELAC ministerial meeting was held in
Beijing in January 2015.
That partnership has "great potential" to deepen ties between the two sides, especially in tackling global challenges, noted Pena Nieto.
Already, that partnership has helped to increase "mutual knowledge," but "we can inject greater dynamism into our dialogue on matters such as the 2030 Agenda
for sustainable development, combating climate change and immigration," said
Pena Nieto.
"Those should be our priorities in the lead up to the 2nd ministerial meeting of the China-CELAC Forum," to be held in Santiago, Chile in January next year,
said the president.
"In Mexico, we recognize China's interest in continuing to strengthen ties with Latin America, and the China-CELAC Forum as one of the most important
existing mechanisms for cooperation," said Pena Nieto.
To underscore the partnership's potential and achievements so far, at the coming gathering Mexico "will promote a review of what we have accomplished
under the 2015-2019 Cooperation Plan, as well as a review of the outcome of the
forums held in 2016," said Pena Nieto.
The plan promotes cooperation in trade and investment, infrastructure and transport, energy and natural resources, agriculture, education and other areas.
Thanks to a China-CELAC fund, "there are projects that receive fi
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