The National Bureau of Statistics (NBS) of Nigeria released official Gross Domestic Product (GDP) figures for the second quarter of 2016 on Wednesday, confirming that the Nigerian economy is in recession. According to the statistics released, the GDP contracted by 2.06 percent in the second quarter of 2016, following a contraction of 0.36 percent in the first quarter. This officially places Nigeria in a recession, which is defined by two or more consecutive quarters of negative economic growth.

BY SAHARA REPORTERS, NEW YORK AUG 31, 2016

The National Bureau of Statistics (NBS) of Nigeria released official Gross Domestic Product (GDP) figures for the second quarter of 2016 on Wednesday, confirming that the Nigerian economy is in recession.

According to the statistics released, the GDP contracted by 2.06 percent in the second quarter of 2016, following a contraction of 0.36 percent in the first quarter. This officially places Nigeria in a recession, which is defined by two or more consecutive quarters of negative economic growth.

This news, which was not unexpected, follows mounting criticism of President Muhammadu Buhari’s ability to manage the economy. Everyday Nigerians are struggling with the cost of basic amenities as prices soar and the value of the naira depreciates compared to the US dollar.

“In the Second Quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by -2.06% (year-on-year) in real terms,” the NBS report stated. “This was lower by 1.70% points from the growth rate of -0.36% recorded in the preceding quarter, and also lower by 4.41% points from the growth rate of 2.35% recorded in the corresponding quarter of 2015.”

This rapid decline in growth marks the worst recession Nigeria has experienced since the Ibrahim Babangida regime, when the economy declined by 0.51 percent and 0.82 percent in two consecutive quarters in 1987.

The NBS report also revealed that Nigeria’s unemployment rate in the formal sector rose from 12.1 percent in the first quarter of 2016 to a staggering 13.3 percent in the second. This statistic, however, is separate from informal workers and economic activities in Nigeria’s vast black market which is also experiences pains from inflation and rise in the cost of basic goods.

“In view of this, there were a total of 26.06 million persons in the Nigerian labour force in Q2 2016 that were either unemployed or underemployed compared to 24.5 million in Q1 2016 and 22.6 million in Q4 2015,” the report reads.

The report revealed that 15.4 million Nigerians are currently underemployed, meaning that they are working either part-time jobs or are working jobs for which they are overqualified.

Nigeria’s poor economic performance can be in part attributed to a decline in oil revenues, as the oil sector experienced a decline of 17.48 percent in the second quarter.

Adeyemi Dipeolu, the Special Adviser to the President on Economic Matters, confirmed that the economy is in a decline, but believes that there are indicators that the economy will improve in the second half of the year.

The agricultural sector, he emphasized, experienced a 4.53 percent growth rate for the quarter, up from a 3.09 percent growth rate in the first quarters. Similarly, the solid minerals sector has grown by 2.5 percent, offering hope for recovery.

Mr. Dipeolu added that despite the recession, the Nigerian economy is performing better than the International Monetary Fund had earlier predicted.


Source: http://saharareporters.com/2016/08/31/nigerian-economy-officially-enters-recession-pressure-mounts-buhari-government

http://www.vanguardngr.com/2016/08/nigeria-recession-economy-shrinks-2-06/

Lalasticlala

All thanks to Jona and the gang.

naijafella:
All thanks to Jona and the gang.

Really?



GEJ left Nigeria's economy the biggest in Africa and the 3rd fastest growing in the world.
http://www.vanguardngr.com/2016/04/from-world-3rd-fastest-growing-economy-nigeria-drops-out-of-top-15-in-africa/

Under one year, Buhari and his wonderful economic team has sent us into recession.

naijafella:
All thanks to Jona and the gang.

Really guy wake up. that song na broken record.

something very big will wake you up, fool

naijafella:
All thanks to Jona and the gang.

you need to visit this thread https://www.nairaland.com/3321554/forex-scam-presidency-alleged-pdp

switosman:


Really guy wake up. that song na broken record.

something very big will wake you up, fool

People like u reason with their anus...

na since last year e enter recession. we are deceiving ourselves all this while.

Joel3:
na since last year e enter recession. we are deceiving ourselves all this while.

you dey mind Dem. The economy entered recession the day buhari took over power,believe it or not the mess buhari is creating now will take Nigeria another 8 to 12 years to overcome . In fact wettin concern me sef ? Good luck nigerians

Now it's clear. Buhari and APC are set for Nigeria burial ceremony.
The country is dead.

henryutd:
Now it's clear. Buhari and APC are set for Nigeria burial ceremony.
The country is dead.

Many never understood the meaning of this comment then when I made it . Now ppl are gradually seeing it.

switosman:

Really guy wake up. that song na broken record.
something very big will wake you up, fool

Why does the truth always pain you children of hate so much?

Abeg no commit suicide because of ebele oh?

.

Honza27:
Why always in Buhari administration? this is the question all Zombi should ask b4 defending him

dont bother arguing with anyone anymore by the time the next fuel price is made public and implemented everybody's brain will start thinking faster

Is not too late for Buhari to go, otherwise Nigeria will move from recession to anarchy.

#IMPEACHBUHARINOW

win1234:
Is not too late for Buhari to go, otherwise Nigeria will move from recession to anarchy.

#IMPEACHBUHARINOW

Just like Dilma Rouseff of Brazil.
#AboutTime.

The Minister of Finance, Kemi Adeosun, on Wednesday declared that the Nigerian economy is not in confusion.
Noting that the Nigeria economy has been heading to recession in the past six years, she however said that the economy is presently in the right hands.
She spoke with State House correspondents at the end of the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari.
Adeosun was accompanied to the briefing by the Ministers of Agriculture, Audu Ogbeh; Mines and Steel Development, Kayode Fayemi; Information, Lai Mohammed and Education, Adamu Adamu.
https://www.nairaland.com/3322056/nigerian-economy-not-confusion-finance#48970623

When would this government tell us th truth?
Next word from her we are trying to be positive... whereas their actions has been negative.

I see a bigger picture
People are recovering their money spent in funding election for this government indirectly without any whistle blower through all these trail and error policies. The recession and masses suffering is covering everything.
So when they are done the right policies will be implement then the masses will take all these as normal crisis(history lessons).
Eg: no one I probing -
banks for selling above CBN rate,
High placed individuals buying from CBN, sells in black market, and so on

to recess is to hybernate and not to shut down.

He did it in 1984 d Daura President master of d zombies is doing it again took him 6months 2 appoint his kitchen cabinet padapadi govt yeye

impeach Buhari now!

When last year people were clamoring for Buhari, i told few of my friends that in as much as Buhari is above board in terms of corruption- not that he is a saint, that Nigeria economy is not for people like him to manage because i doubt his economic capability bearing in mind his academics credentials. And that i don't think Buhari has read any economy book be it local or international in d past 10years.

As for me, if i insult him it doesn't change anything, the only option available is to pray for wisdom and understand for him otherwise whatever bad decision he takes will affect us not him.

jiinxed:
impeach Buhari now!

for where ?
If Dem catch you !

Honza27:
Why always in Buhari administration? this is the question all Zombi should ask b4 defending him

Take note...

Zombies are not programmed to think much less ask questions...

No thanks to Buhari and his group of noisemakers.

We're in

naijafella:
All thanks to Jona and the gang.

Zombie keep quiet

Ok

Why won't the economy go into recession ?


Can we point to any distinguishiable individual appointment that Buhari has made since May 29th?


Garbage in; Garbage out.


You appoint a glorified mid level accountant as minister of finance whose only economic policy statement she has made so far was to fish out ghost workers in the civil service.

Expecting this APC govt to deliver given the kind of wicked and clueless idiots running this country is tantamount to filling a basket with water.

And the presidency will come out to deny this... Nigerian has being in recession before now but the presidency is living in denial.