Recession: Recovery a gradual process — NBS boss

AS Nigeria’s reported exit from recession continues to elicit mixed reactions, Statistician General, Dr. Yemi Kale, has given more insight into the report, noting that the impact of recovery on the streets is a gradual process.

Kale, who is the Chief Executive Officer of National Bureau of Statistics, NBS, which reported that the nation’s GDP grew by 0.55 percent in the second quarter, effectively announcing end to recession, gave the clarification via tweet chat with Vanguard yesterday.

Speaking on why Nigerians are yet to feel the impact, he said: “Economic recovery from recession (positive GDP), just as getting into recession (negative GDP), is a process. Just as getting into recession was gradual from six percent to five percent to three percent to two percent to -0.6 percent to -1.4 percent to -2.3 percent, recovery or when we feel it, will also follow similar process of gradual improvements, as long as we do what needs to be done or we will once again sink into negative growth as quickly as we got out.”

Vanguard, September 8, 2017

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