Nigeria’s economy out of recession –NBS

Nigeria’s economy has finally moved out of recession after it slipped into downturn early 2016, about two years ago.

This was disclosed by the National Bureau of Statistics (NBS) report on Tuesday. It said that the Gross Domestic Product (GDP) grew by 0.55 per cent (year-on-year) in real terms in the second quarter of 2017.

The GDP had in the Q1 of 2017 shrank by 0.52 per cent (year-on-year) in real terms, and was the fifth successive quarter of contraction since the Q1 2016 of 2016.

The report said, “This growth is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent) and higher by 1.46 per cent points from rate recorded in the preceding quarter, (revised to –0.91 per cent from –0.52 per cent). Quarter on quarter, real GDP growth was 3.23 per cent.

Read also: Inflation to further decline in August; commodity prices to ease in 4th Qtr- Analysts

“During the quarter, aggregate GDP stood at N26,986,005.20million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60 per cen.”

The country’s economy’s slip into recession in early 2016 was the first time there was a record of full-year contraction in the economy in 25 years.
Reacting to the development, the Eighth Senate, on Tuesday, applauded the report by the NBS that showed Nigeria’s economy finally staging a comeback.

In a statement signed by Senator Aliyu Sabi Abdullahi, its spokesperson and Chairman of the Senate Committee on Media and Public Affairs, the Senate emphasized that it was truly commendable that after five consecutive quarters of contraction, the Nigerian economy grew by 0.55% in the second quarter of 2017.

Abdullahi also stated that the improved performance of the trade, manufacturing, agriculture and oil sectors, was an indication that with carefully aligned policy and legislative interventions, Nigeria’s economy could thrive beyond current forecasts and expectations.

“The Senate received Q2 NBS economic report with great excitement,” the Senate spokesperson said, “We are delighted that government’s response to the economic recession has began to yield tangible results”.

Abdullahi further noted that although the nation is now out of the recession, the Senate remains committed to seeing that the unemployment rate and high cost of living in the country is brought down.

“The rising unemployment in the country is an issue that is of much concern to all of us. Additionally, the rising cost of food prices and basic services in the country still affects millions of households. This is why we will continue to work on our laws, specifically in the areas of access to credit to promote more opportunities for small business owners; and opening up more sectors to private sector participation, so that there will be more competition in our markets — which will lead to lower prices”.
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