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.

DanseMacabre:
Kai I don't think so o. I still bought kulikuli three for ten naira yesternight.

inscreAF:
Keep deceiving yourself.

smartty68:
Don't bother posting the details here Bro as its fake news

obailala:

Statistical facts and figures don't lie! Be patient guys, the benefits of this will get to you eventually...

obailala:
BREAKING: Nigerian economy ‘out of recession’ — Statistics Bureau


http://www.premiumtimesng.com/news/headlines/242391-breaking-nigerian-economy-recession-statistics-bureau.html

Officially confirmed by the Statistician General of the Federation/NBS!
https://twitter.com/sgyemikale/status/904967993385525248

Lalasticlala, Mynd44, Seun

hatchy:
They should continue deceiving themselves in government.

Statistics that does not reflect the reality on ground.

Workers are laid off daily,the naira is still sliding against the dollars whenever the CBN fails to inject forex into the economy, while the prices of basic food items remain at a stagnant high.

So how is the economy out of recession biko nu!

989900:
The direction is good, but the speed is slow . . . the enemies of progress aplenty.

hatchy:
They should continue deceiving themselves in government.

Statistics that does not reflect the reality on ground.

Workers are laid off daily,the naira is still sliding against the dollars whenever the CBN fails to inject forex into the economy, while the prices of basic food items remain at a stagnant high.

So how is the economy out of recession biko nu!

smartty68:

Look at this;
https://www.nairaland.com/4033616/breaking-nigeria-officially-exits-recession#60144664

Even the mod confirms this news to be fake

smartty68:


https://www.nairaland.com/4033616/breaking-nigeria-officially-exits-recession#60144664

Confirmed by the mod to be fake

Arrester171:
Till we BUY 1 DOLLAR for 140/150 before you start posting this

guterMann:
"There are three kinds of lies: lies, damned lies, and statistics.-Benjamin Disraeli.

One bad good thing about statistics is that one can twist it to buttress his points.

GDP does not tell the whole story.

For example Nigeria is the biggest economy in Africa by GDP,but the 7th in Africa GDP per capita behind South Africa,Egypt,Algeria,Lbya,Angola etc, This means that citizens of the aforementioned countries are more likely to enjoy better lives than Nigerians.

Secondly,Human Development Index(HDI) which is measure of life expectancy, literacy, education, and standards of living,Nigeria is ranked Low Human Development and 22 [/b]in Africa.

Forget this story coming out of recession ,the Nigeria life of an average Nigerian is not better.

[b]THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN

DanseMacabre:
Kai I don't think so o. I still bought kulikuli three for ten naira yesternight.

obailala:

Chaii... So because a MoD earlier dismissed the yet to be confirmed story which came out this morning as false report, the MoD to you has now suddenly become an omniscient god who knows it all and makes no mistakes right?... Even though I clearly stated in my original post that the info has now been officially confirmed by the NBS? The tweet I attached above, do you know whose handle that is?... If you go back to that thread link you posted, are you aware the MoD has now realised his mistake and reopened the thread?

By the way, why do I sense a sort of frustration in your tone over this news?... I could clearly sense the glee in your tone when you claimed the story is fake. I should have known I was conversing with one of the enemies of Nigeria's progress.

OLADD:
Dude, this govt is the greatest enemy to itself. Nigeria went into recession largely because of the 6 months wasted on assumption of office contrary to their claims of corruption and plummetting oil price. The multiple exchange rates and banning of 41 imported items; all contributed to the recession in the first place. This latest development shouln't be a surprise since the govt is gradually coming to its senses by reversing its own obnoxious policies.

OLADD:
Dude, this govt is the greatest enemy to itself. Nigeria went into recession largely because of the 6 months wasted on assumption of office contrary to their claims of corruption and plummetting oil price. The multiple exchange rates and banning of 41 imported items ; all contributed to the recession in the first place. This latest development shouln't be a surprise since the govt is gradually coming to its senses by reversing its own obnoxious policies.