Nigerians express mixed reactions to economy being out of recession

Nigerians are trooping abroad
Nigerians are trooping abroad

Mixed reactions have trailed the report by the National Bureau of Statistics, NBS, that the Nigerian economy is officially out of recession.

Some Nigerians who spoke with the News Agency of Nigeria on Tuesday in Abuja said that the report was a pointer to the fact that the federal government was working hard to improve the economy.

Others however disagreed, saying the verdict should not only be on paper, but should be seen positively in the lives of the people as the prices of products were still out of the reach of ordinary Nigerians.

The Nigerian economy slipped into recession in early 2016.

Ojo Akindele, a civil servant, said that the verdict by the NBS was commendable and a reflection of what most Nigerians had been yearning for, adding that it would help to cool the tension in the country.

She said that the word recession had fuelled increase in goods and services that had not gone down well with the masses.

She added that many traders took advantage of recession to increase the prices of their products.

Abdulahi Mustapha, a businessman, said that until the dollar crashed against the naira and prices of electronics and furniture were reduced, he would not believe the NBS report.

He said that it was the recession that led to the high prices of goods and until the prices crashed, he would not join in the celebration, adding however that he still remained the fan of President Muhammadu Buhari.

Sunday David, an artisan, said that Nigeria was never in recession, adding that it was some pockets that were in recession while other pockets were still full of money; hence they never felt the pain of recession.

He said that enemies of Nigeria stole so much that the country found itself in recession, adding that the government should not relent in its quest to retrieve back the country’s money.

Temitope Ajayi, a Public Affairs Analyst said she wondered why people who carried placard to further propagate recession information were now making issue of a positive verdict by the NBS.

She said that out of recession meant that the economy was expanding and not contracting and called on Nigerians to be wary of negative stories by those who had chosen to remain pessimists.

The NBS in its report said that in the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55 per cent (year-on-year) in real terms.

This indicated the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.

According to NBS, 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. 46per 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

“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 cent.”

(NAN)


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  • ozimba

    Good news, we hope investors will now have confidence to invest In or invest more in our country. Also like our president said ” till the people fill, it is not yet over”,A welcome!e and thoughtful statement, pls pls PMB and your team keep working don’t relax no politics, let Nigerian feel the impact.