Nigeria Finally Out of Recession-NBS

Your claim of exiting recession meaningless Nigerians still can’t afford 3 square meals – Fayose blasts Buhari

"The public will recall that in the days following the announcement of the 2016 recession, the senate initiated steps and tabled 21 recommendations that it submitted to the executive for immediate action".

But that GDP expansion was a full percentage point lower than economists polled by Reuters expected and the office also said the first-quarter downturn, at 0.91 percent, had been steeper than initially estimated.

Adeyey said the recovery of Nigerian economy is weak and feeble.

Following the announcement that the country has exited its worst recession, the Manufacturers Association of Nigeria (MAN) believes Nigerians should not expect an automatic impact in the prices of goods and services if certain key issues are not duly addressed by the Federal Government.

South Africa is still facing big economic challenges despite recording a more healthy 2.5% growth figure.

South Africa had been in a technical recession given the contraction for two consecutive quarters. This represents an incline of 13.26% relative to rate recorded in 2016.

"But things are looking up now".

Well, some positive news to do with South Africa's economy!

"The Nigerian economy can be more clearly understood when classified into oil and non-oil sectors". Furthermore, the country's GDP needs to grow by 3% every year just to keep up with the rise in the country's population.

The growth in the Oil & Gas sector was driven by increased production to 1.84mbpd from 1.69mbpd in Q1'17.

Conversely, he said, it was important to note that the South African economy grew by a more impressive 2.5 per cent after contracting by 0.3 per cent and 0.6 per cent in Q4 2016 and Q1 2017, respectively.

Indeed, Nigeria owes the improvement to a boost in its oil and agricultural productions as well as a burst in its foreign exchange reserves, which should sustain its economic growth.

Investec said on Tuesday: "A low economic growth environment will remain entrenched by the depressed business and consumer confidence levels that have been linked to perceived heightened policy uncertainty and perceptions of weakening governance".

Quarter-on-quarter basis, real GDP growth was 3.23%.

Mohammed who did not also spare the critics of the administration, stressed that Buhari administration is working and the results are showing.


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