Nigerian economy out of recession — Statistics Bureau

Naira notes
Naira notes

The Nigerian economy is out of recession, the National Bureau of Statistics announced Tuesday.

According to the NBS, in the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.

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

“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%,” the report added.

An economy is said to be in recession after contracting for two consecutive quarters.

The Nigerian economy slipped into recession in early 2016.


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  • Inyamiri

    Good news. Now, what is the way forward?

  • Amir

    Nigeria should now make a law that any citizen who had no shoes or is clueless should desist from public office.

    • Haruna

      Yes agreed! including all those ethnocentric, Nepotic and Bigots who at best herdsmen that have no certificate.

      • Amir

        Patriotic herdsmen are better than looting nationalists, Otuoke style!

  • Omoekoogidi

    Excellent, the effects will eventually trickle down to the regular man and woman on the street.

    • NigerDelta.

      Buhari apc lia lie govt as usual story reserve for the marines. Rice is still fcukin 20K while monthly take home sit tight on 8K.

      • Facturas & Figuras

        COST OF LIVING IN NIGERIA TODAY UNDER BUHARI:

        • Minimum wage in Nigeria………………………………………….₦18,000 per month.
        • A bottle of Coca Cola soft drink…………………………………₦80.00k per bottle.
        • Smallest can of Baygon insecticide………………………..₦1,200 per tin.
        • A tin of TITUS sardines……………………………………………₦270.00 per tin.
        • Rent of three bedroom apartment…………………………₦450,000 per annum.
        • A packet of St.Louis Sugar………………………………………₦550.00 per packet.
        • A 25kg bag of garri as staple food………………………..₦14,000 per bag.
        • Petrol for six hours of private electricity…………………..₦60,000 a month.
        • Cost of preparing soup for family of six…………………..₦6,000 every two days.
        • Ceeway drinking water ………………………………………₦550 per gallon.
        • School fees for a child in private school………………….₦2 million per session.
        • Cost of two (2) newspapers a day for information……….₦15,000 per month.
        • One packet of Solpadeine headache tablets……………..₦5,400 per packet.
        • Cost of filling up a salon car with petrol……………………..₦10,700 to fill up a car.
        • Private sector graduate starting salary………………………₦80,000 per month.

    • Ade-Lijadu

      @Omoekoogidi:disqus

      Today, under the useless and shambolic APC government there are now 28
      million un-employed youths in Nigeria; just roaming purposelessly inside
      Nigeria to beg for food – a staggering figure equal to the entire population
      of Ghana; a neighbouring West African country, according to latest official
      bulletin issued by the Nigerian Bureau of Statistics.

      Today’s un-employment figure in Nigeria under the APC government is over 50%
      of the entire population of Nigeria at independence in October 1960. As it is, the
      28 million jobless youths in Nigeria are no longer waiting to be preached to;
      or taught to be patient by those robbing the treasury in government state
      houses.

  • I will only believe all these statistics when prices of goods begin to reduce aside that it remains abracadabra as usual

    • Foreign _View

      @marodjrmarod:disqus

      The whole truth and nothing but the truth

      “Preliminary data for the first half
      of the year 2017 indicate significant revenue shortfalls with the
      interest-payments to revenue ratio remaining high (40 percent at end-June) and
      projected to increase further under current policies, High domestic bond yields
      and tight liquidity continue to crowd out private sector credit.

      Given Nigeria’s low growth
      environment and the banking system’s exposure to the oil and gas
      sector, non-performing loans increased from 6 percent in 2015 to 15 percent
      in March 2017 (8 percent after excluding the four under-capitalized
      banks). Helped by favorable base effects, headline inflation decreased
      to 16.1 percent in June 2017, but remains high despite tight
      liquidity conditions”.

      ……….International Monetary Fund

      (June, 2017)

  • Rommel

    We now have to register all buildings in urban areas across Nigeria,cost them and correspond with tax office to see if their owners are paying their fair share of tax,we then embark on aggressive industrialization while combating population,it is important that we halt the upward drive of the population.The problem with Nigeria is not only failure of leadership but also includes anachronistic cultures and traditions which makes us to breed children like animals as well as religion.

  • Kojo Ahidjo

    @Olajide2010:disqus,

    I have been saying this thing. Muhamadu Buhari is the real publisher of Premium Times.
    I hope everybody here can see what I am saying now? Anything that will make Buhari
    look less terrible is what Premium Times will put as front page. We will not accept it.
    We are the people feeling the effect of Buhari’s destructive politics and policy.
    We the people cannot be deceived by anything Premium Times wants to say.
    We have our own brain and we can think by ourselves to know the truth.
    If we are out of recession we will feel it in our salary and our pocket.
    Things are getting worse everyday and prices are increasing too.

    • Immanuel Ogoh

      @Olajide2010:disqus

      I may never again in my life read Premium Times again if we don’t get public apology for this Buhari insult.
      All universities have closed down to strike against Buhari. Civil servants are being owed six months salary.
      Even parents cannot afford school fees and rent again after Buhari has caused massive retrenchment. A
      small car now is about 17 million Naira. No public transport train. Only four airlines left in Nigeria today.

      PREMIUM TIMES must stop telling us this kind of thing. This thing is like rubbing insult to injury, in my view.

      How can a useless somebody like Muhamadu Buhari who has almost totally destroyed Nigeria come and talk?
      What brain does he have to talk economics? Which school did he go? Did he pass WAEC/GCE school cert?
      Where is his school certificate if he ever took the WAEC exam? Look, I am very angry with Premium Times.
      Premium Times must cancel this lies and publish the truth that Buhari has destroyed Nigeria with recession.

      • tee Boy

        who cares if you read it or not. It is very appalling to me that you claim that you have brain. If you do, you would have checked other papers and confirm if they carry the same news or not before castigating them. Educated illiterate, that is, if at all you went to school

  • Gokky Millenium

    @Olajide2010:disqus

    How come that I am in deep recession if truly Nigeria has come out of recession?
    How possible is that? Is there another thing called Nigeria apart from the people
    inside the country? I don’t really understand this voodoo story Premium Times
    is telling us today. Do you know there is no electricity on Lagos Mainland as I
    am writing this thing from Business Centre with generator noise making me to go
    deaf and with plenty of fumes all over the place? If we are out of recession
    how come my wife and myself cannot find employment for three years now? We
    sell recharge cards in front of Yabatech just to make our ends meet. We have
    moved to one room apartment with three small children we can no longer feed
    regularly. What is this nonsense story that Nigeria has come out of recession?

    • Kay Soyemi (Esq.)

      Bruv, there are five fingers on a healthy hand and body, yet they’re not all equal.

      Without wishing to rain on your parade or make mockery of our respective situations, the story of life has always been that of haves and have-nots.

      Where we find ourselves is often left to our choices in life, we can change it, most times.

      • tee Boy

        Man mi, thank you. Please tell them.

    • Otile

      The fake lawyer you are asking does not live in Nigeria, he is an economic refugee somewhere in the British Commonwealth. He has no clue of what ewedu costs in Ogbomosho market square, but if you ask him he will brag to you that man pass man. He may even try to convince you that Imam Buhari is a good man, that last week Imam’s office awarded him a contract of £6 millions just to show that the recession is over. This conman is a braggart, full of himself.

  • chinedu

    GDP index. What we will need to know is which sectors that increased their spendings and on what. GDP especially for a raw material mono economy that depends heavily on importations to sustain the system can not be a good indicator of the citizens welfare. I wouldn’t be surprised to know that this gdp figure is coming from government payment of debts to contractors which in turn has been used to repay loans and pay salary backlogs. The actual recession will happen for us when our average wage will accommodate our necessary average costs of living. But I will insist on a publication by the MBS of the sectors that were responsible for the increase in GDP rate.

    • amah sossy

      Q2 export of raw materials and manufactured goods is valued at 3.1trillions compares to total import of 2.5 trillions for the same period. You can see there’s hope along the line.

      • chinedu

        Thanks for the update. But kindly name the materials exported and attach their money values.

        • amah sossy

          1) crude oil; 2) Gas, 3) agricultural produces ( palm oil, rubber, casava products, grounut, cocoa, egusi, smoke fish, ogbono, ogwu leaves, crayfish and so on. 4) cement, 5) building materials ( zinc, nails, paints,); 6) beverages, daily consumables 7)lader products& cosmetics; 8) automobile and parts. You can add any that is missing please.

          • chinedu

            Thanks again. But the monetary values are not attached. And I did not want to say that your reaction was a reference to balance of trade or payment. However,we know that the country did not have Forex for imports,so the balance of trade could not have been otherwise. But GDP is about total productivity and we need to know the sectors and the amounts they attracted. This will enable a more critical analysis.

          • amah sossy

            I believe you can access NBS webpage easily. Please ask reasonable questions.

          • chinedu

            I thought I was discussing with an economist that had a clearer understanding of the situation. I am sorry.

  • Anasieze Donatus

    OYA PROFESSIONAL WAILERS……….wail away your sorrows

  • Dr Pat Kolawole Awosan

    IN real term Nigeria, economy is out of the deep-recession wood as the GDP grows 0.55% as there is light at the end of the tunnel if all hands are on deck to continue our financial restrain and cautious handling of the economy.But, what will assist the fiscal strength of Naira, is if the CBN governor,Godwin Emefiele, could support the finance minister,Mrs.Kemi Adeosun,s economic policy to boost the Naira value by reducing the sky-high 14% interest-rate to encourage businesses, to increase borrowing from commercial banks to expand their investment operations and embark on new expansion and growth.