clarocuzioo:
Does this translate to all or a greater percentage of people who lost their jobs gaining it back?? Does this translate to prices of comodites in the market dropping drastically?? Does this translate to improved standard of living for the Nigerian populace?? Does this translate to businesses bouncing back?? If no, then those things are mere figures that are not in tandem with reality

GavelSlam:


I care for the environment.

Your guardians should care for you.

GavelSlam:


I am not qualified to train the handicapped.

maximunimpact:
The Nigerian economy has rallied back into growth after suffering contraction for five consecutive quarters. Official results from the National Bureau of Statistics (NBS) ) has shown that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, effectively removing Nigeria out of recession.

FINANCIAL WATCH reported earlier Latest survey by Bloomberg which suggest that top Africa’s economy – Nigeria and South Africa who has been battling with dwindling economy may be on her way out of recession. According to the survey, Nigeria’s GDP likely grew 1.6 per cent from a year earlier after contracting for five straight quarters.

The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.

According to the preliminary results for the second quarter of the year, Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

The results revealed that Oil GDP recovered significantly from -11.63 per cent in Q2 2016 and -15.40 per cent in Q1 2017 to 1.64 per cent in Q2 2017.

But while Oil GDP expanded considerably in the second quarter of 2017, Non-oil GDP only grew at 0.45 per cent, down from 0.72 per cent in the preceding quarter and -0.38 in the corresponding period in 2016.

It also showed that agriculture continued its strong and positive growth, which it had maintained throughout the recession, growing by 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017 and 4.53 per cent in Q2 2016.

Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 per cent compared to 1.36 per cent in Q1 2017 and -3.36 per cent in Q2 2016, while trade which has a dominant share of GDP remained negative at -1.62 per cent, but the contraction in the sector decelerated from the -3.08 per cent recorded in Q1 2017.

Furthermore, electricity and gas and financial institutions sectors also recorded strong growths, with electricity and gas growing by 35.5 per cent, compared to -5.04 per cent in Q1 2017 and -10.46 per cent in Q2 2016 and financial institutions growing by 11.78 per cent in Q2 2017, compared to 0.60 per cent in Q1 2017 and -13.24 per cent in Q2 2016.

The results also showed that the industry sector grew positively by 1.45 per cent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014.

As a percentage of GDP, services retained the giant share of GDP at 53.73 per cent in Q2 2017, down by 1.94 per cent points (55.67 per cent) from the first quarter of 2017 and 54.80 per cent in Q2 2016; industries accounted for 23.31 per cent of GDP, compared to 22.90 recorded in Q1 2017 and 22.65 per cent in Q1 2016; while agriculture accounted for 22.97 per cent of GDP in the quarter under review, compared to 21.43 per cent in Q1 2017 and 22.55 per cent in Q2 2016.

https://www.financialwatchngr.com/2017/09/05/breaking-nigeria-officially-exits-recession-gdp-grew-0-55-q2/

Mynd44, Lalasticlala, Seun

GavelSlam:
You see the kind of people we've been trading words with on this forum?

Many of them think exiting a recession means a drop in price of garri.

oz4real83:
Nice news. Once the economic variables stabilize,it will start reflecting in the lives of the people. Although it will take time but we are getting there.

buske:


Silly.. ..he said you should send him for training...not train him yourself.

smartty68:

Don't mind the government, let them keep manipulating the figures and keep on deceiving the masses

Celestyn8213:
I DON'T BELIEVE IT

abelprice:


Deceiving which masses... the so called masses is more into politics than most politicians.... ever since buhari was elected the whole nation became politicians..... so there is actually no masses dere to deceive... dey are deceiving their selves.. ...

GavelSlam:


I am not qualified to train the handicapped.