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BREAKING: Nigeria 'officially' Out Of Recession! - NBS - Politics - Nairaland

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BREAKING: Nigeria 'officially' Out Of Recession! - NBS by obailala(m): 10:17am On Sep 05, 2017
BREAKING: Nigerian economy ‘out of recession’ — Statistics Bureau

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.

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

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by smartty68(m): 10:18am On Sep 05, 2017
Don't bother posting the details here Bro as its fake news grin
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by inscreAF: 10:24am On Sep 05, 2017
Keep deceiving yourself.
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by DanseMacabre(m): 10:25am On Sep 05, 2017
Kai I don't think so o. I still bought kulikuli three for ten naira yesternight.
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by obailala(m): 10:38am On Sep 05, 2017
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 grin
Statistical facts and figures don't lie! Be patient guys, the benefits of this will get to you eventually... wink cheesy

6 Likes

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Eastfield1: 10:42am On Sep 05, 2017
what a dream. pls wake up already its morning
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Nobody: 10:45am On Sep 05, 2017
I hope so.
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by 989900: 10:45am On Sep 05, 2017
The direction is good, but the speed is slow . . . the enemies of progress aplenty.


5 Likes

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Mjshexy(f): 10:46am On Sep 05, 2017
I'm not understanding, is it that we come out & go into it again. How many times will Nigeria come out of recession this year
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by hatchy(f): 10:58am On Sep 05, 2017
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!
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by agabusta: 10:59am On Sep 05, 2017
The result is still a little disappointing, but all the same, let the govt strive to do more.

This recovery is mainly spurn by increase and relative stability in the international price of crude.
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by smartty68(m): 11:04am On Sep 05, 2017
obailala:

Statistical facts and figures don't lie! Be patient guys, the benefits of this will get to you eventually... wink cheesy
Look at this;
https://www.nairaland.com/4033616/breaking-nigeria-officially-exits-recession#60144664

Even the mod confirms this news to be fake grin
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by smartty68(m): 11:05am On Sep 05, 2017
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

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

Confirmed by the mod to be fake
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Mammanjnr: 11:10am On Sep 05, 2017
Good news.
This last two years of Buhari's adminstration is going to be the most memorable.

2 Likes

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by babyfaceafrica: 11:12am On Sep 05, 2017
Some people are sad

2 Likes

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by FOLYKAZE(m): 11:33am On Sep 05, 2017
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!

What reality were you looking out for? That free money should scatter on the street? Or that government should dash you money by sitting lame in your room doing nothing?

Recession or no recession, you must get your a.ss up working. Recssion has nothing to do with hardworking individual

1 Like 1 Share

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by OLADD: 11:34am On Sep 05, 2017
989900:
The direction is good, but the speed is slow . . . the enemies of progress aplenty.


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.

1 Like

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by yaki84: 11:41am On Sep 05, 2017
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!
because they said so.

Awa opinion doesnt count i guess.

I bought those tiny remote control battery yesterday at 2for 70naira. Something i de buy 4 for 100.

Am not even talking about maggi n garri. Even sugar....make i keep kwayet before they say am speaking hately
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Nobody: 11:42am On Sep 05, 2017
"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
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Dasini: 11:42am On Sep 05, 2017
this is indeed a good news. only yesterday pulo oil price now down to 141 naira, it is a sign of good things to Come.
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Arrester171(m): 11:58am On Sep 05, 2017
Till we BUY 1 DOLLAR for 140/150 before you start posting this
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by aolawale025: 12:18pm On Sep 05, 2017
If the growth is real. By next quarter most companies should be recalling their laid - off workers and business would generally pick up
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by obailala(m): 12:20pm On Sep 05, 2017
smartty68:

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

Even the mod confirms this news to be fake grin
smartty68:


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

Confirmed by the mod to be fake
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.

1 Like

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by obailala(m): 12:23pm On Sep 05, 2017
Arrester171:
Till we BUY 1 DOLLAR for 140/150 before you start posting this
By the time the current government took over, the Naira had already dropped from that 140/150 you quoted to about 220/230. So with this you comment, are you suggesting that Nigeria was already in recession when this govt took over?
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by oladeebo: 12:24pm On Sep 05, 2017
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
whether setting sun or rising sun is not our concern here,
keep off here!

1 Like

Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by chiscodedon(m): 12:24pm On Sep 05, 2017
For paper ryt?? Where inflation still rake in market
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by oladeebo: 12:24pm On Sep 05, 2017
DanseMacabre:
Kai I don't think so o. I still bought kulikuli three for ten naira yesternight.
tell your kulikuli seller to reduce the price, if refused, boycott her's and buy akara or robo in protest!
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by Marcelo290(m): 12:28pm On Sep 05, 2017
grin grin This same stale news we had been seeing from time immemorial..
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by smartty68(m): 12:36pm On Sep 05, 2017
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.
Daura zombie wailing in penury when actually where we are today is because of Daura master. If he understands what leadership is why are we in mess today

Nonsense
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by smartty68(m): 12:38pm On Sep 05, 2017
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.
If you need sense, read this post @Obailala and stop spewing trash
Re: BREAKING: Nigeria 'officially' Out Of Recession! - NBS by lilytender: 12:38pm On Sep 05, 2017
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.


So, government should continue to allow you to import tooth picks, Indian jollof rice, plastic plates e.t.c. I am sorry for you. If you are not glad that the economic is out of recession, you alone can go back to recession.

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