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Nigeria out of Recession

BellaNaija.com

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Nigeria is out of recession, the official Quarter 2 GDP report by the National Bureau of Statistics (NBS) has said.

“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%.

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 NBS report said.

Get the full report HERE.

9 Comments

  1. Issa Habeeb

    September 5, 2017 at 1:29 pm

    At long last….

  2. Barbara

    September 5, 2017 at 1:42 pm

    abegi… as long as fuel is still 145naira per litre and tiny tomato is still 200naira per tiny tray. We are still in recession

  3. ITK

    September 5, 2017 at 2:05 pm

    For TV abi for newspaper? Certainly not in real life Nigeria. This govt can lie! 2019 should do and come let us vote these badluck people out especially Buhari. Total badluck.

    • mua

      September 5, 2017 at 9:48 pm

      What do you mean, have you ever taken time to find out the meaning of recession?

    • LemmeRant

      September 5, 2017 at 10:48 pm

      @mua

      The definition of recession doesn’t mean jack shit if the actual citizens of the country are still feeding through their nose, with rise in insecurity, marginalization, lack of jobs, welfare, infrastructure etc.

  4. keke driver

    September 5, 2017 at 4:29 pm

    Biko how much is a bag or Rice/Garri now.

  5. Uberhaute looks

    September 5, 2017 at 5:38 pm

    Not in real life and please Mr. Buhari, I hope you haven’t been living under the rock but we have many beggars and depressed people around o

  6. puzzles

    September 5, 2017 at 6:40 pm

    What. Is the exchange rate,? Is it back to 190 naira to a dollar?
    Yeye dey smell

  7. Olivia

    September 5, 2017 at 8:26 pm

    This “famine” was necessary and beneficial for those who let themselves be trained by it. When the years of plenty come back, I hope Nigerians learnt their lesson, that big boy and big girl is not everything. The average 30 year old in Nigeria doesn’t have any savings or property in his/her name. But the average 30 year old has been to Dubai for a wedding, uses uber up and down, and has the latest iphone. Budgeting is not too popular and saving is almost impossible with such spending habits.

    I dunno sha, I’m 27, not trying to judge, but the last recession I went through taught me to live within my means. I hope most Nigerians learnt the same through this process.

    Note: It takes time for the above report to trickle down to every day citizens. The same way it took time for most people to feel the recession. So yea, I believe the report is accurate. What we want to see is steady growth. Hopefully Q3 and Q4 shows the same upward progression in GDP. Let’s do our best to enjoy the process. It can only get better.

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