Nigeria is out of recession, it has been announced. But President Muhammadu Buhari who is as excited as many Nigerians, is cautious, saying we should not lower our guard.
Speaking on the report yesterday in his home town Daura in Katsina State after receiving visiting Nigerien President Mahamadou Issoufou, President Buhari said the real impact of exiting the recession would be better felt when ordinary Nigerians experience a change in their living conditions.
He said he was “very happy’’ to hear the country was finally out of recession, adding:
”Certainly, I should be happy for what it is worth. I am looking forward to ensuring that the ordinary Nigerian feels the impact.”
“Until coming out of recession translates into a meaningful improvement in peoples’ lives, our work cannot be said to be done,’ the President said and commended all the managers of the economy for their hard work and commitment, stressing that more work needed to be done to improve the growth rate.
The National Bureau of Statistics (NBS) in a Gross Domestic Product (GDP) Report for Second Quarter 2017 released by the bureau in Abuja, said Nigeria’s GDP grew by 0.55 per cent (year-on-year) in real terms in the quarter, indicating the emergence of the economy from the recession into which it slipped in 2016.
The Bureau stated that the figure indicated that the economy was out of recession after five consecutive quarters of contraction since first quarter 2016.
An economy is said to be in recession after contracting for two consecutive quarters.
The bureau, however, stated that the growth in the quarter was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent).
It is higher by 1.46 per cent points from the rate recorded in the preceding quarter (revised to –0.91 per cent from – 0.52 per cent).
Quarter on quarter, the bureau stated that real GDP growth was 3.23 per cent, adding that during the quarter, aggregate GDP stood at N26, 986,005.20 million, resulting in a Nominal GDP growth of 14.60 per cent.
The growth is higher relative to the growth recorded in the second quarter 2016 (3.01 per cent)
The report also showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors.