₦airaland Forum

cstr1000:
You and your fellow sycophants even to the fourth generation, will pay for trying to deceive people by supporting gross Mal-administration and impoverishment of the Nigerian people by this dastardly government.

Chai see hw pained this guy is. U can't even hide it...2023 is still very far my guy...

Doyin2:
Who could be more foolish that the person that cannot differentiate current exchange rate from current GDP rate.

The most annoying thing about people like you, is the abuse of others, in spite of absolute lack of knowledge and near zero intelligence.

my brother pls tell him, i tire for them, illiterates everywhere, we re out of recession some people are bringing in exchange rate/inflation with recession, i tire. my brother thank God we re out of the dark days. better days ahead. God bless this administration

gcof:
what has changed in the market? How much is a dollar to naira? All these things mean nothing if the standard of living of citizens do not change positively. Just like when Akunyili informed us of increase in Nigeria's GDP yet it affected nothing

MUMU is it by force you must comment?it wasn't The Late Dora Akinyuli that said anything about Nigeria's GDP increase,it was the former minister of finance Okonjo Iweala.

.

mikron:
my brother pls tell him, i tire for them, illiterates everywhere, we re out of recession some people are bringing in exchange rate/inflation with recession, i tire. my brother thank God we re out of the dark days. better days ahead. God bless this administration

Bloody illiterate.
Tell me what is in place to remove recession.?
The things that matter to you as a poor peasant that you are, like exchange rate, inflation, liquidity ratio are abysmally low and worsening, you are busy telling yourself lies.
no worry. na hunger go finish una last-last.

IamSINZ:
Nonsense.


Keep deceiving yourselves and your zombies. Those fake figures don't mean shiit when prices of goods remain high and the naira keeps loosing against the dollar!


As usual, I expect APC's paid agents to come rejoice over this false news.

Do this to your eyes if it pains you to see us moving to our promise land.

luluman:
Do this to your eyes if it pains you to see us moving to our promise land.

no be only promised land. no covenant land
See all the countries wey dey promise land which of dem get a dumb president like buhari?

cstr1000:
no be only promised land. no covenant land
See all the countries wey dey promise land which of dem get a dumb president like buhari?

Just get super glue & do the needful.

luluman:
Just get super glue & do the needful.

you don chop today?

Manifestation of it is my concern....Until the living conditions of Nigerians improves and prices of goods reduces, that is when I will believe that statistical report.

presidency:
Office Of The Vice President Press Release

*Will Intensify ERGP Implementation

The Buhari administration welcomes news of Nigeria's exit from recession with cautious optimism and will continue to drive Nigeria's economic growth by vigorously implementing the Economic Recovery & Growth Plan launched earlier this year by President Muhammadu Buhari.

The overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil production levels, (occasioned by the enhanced security and stability in the Niger Delta) sustained growth in agriculture, mining and the first growth recorded in industry as a whole in the last nine quarters since Q4 2014.

Below Is A Statement By Special Adviser On Economic Adviser To The President, Dr. Adeyemi Dipeolu On The 2nd Quarter 2017 Figures Just Released By The National Bureau Of Statistics

"The figures released by the National Bureau of Statistics for the second quarter of this year (Q2 2017) show that the economy grew in Q2 2017 by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016. This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction.

This positive growth is attributable to both the oil and non-oil sectors of the economy. Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017. It rose by 1.64% as compared to -15.60 in Q1 2017, an increase of up to 17 percentage points. This improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.

The non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017. This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions. However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.

The positive growth seen in agriculture when the rest of the economy was contracting was maintained at 3.01% which is encouraging especially if seasonal factors are taken into account. Manufacturing growth was also positive at 0.64% and although lower than the previous quarter’s growth of 1.36%, it was an a noticeable improvement over the -3.36% experienced in Q2 2016 and a continuation of the turnaround of the sector. Solid minerals which remain a priority of the Administration also continued to grow and in Q2 2016 by 2.24%.

Overall, industry as a whole grew by 1.45% in Q2 2017 after nine successive quarters of contraction starting in Q4 2014. This positive development was somewhat overshadowed by the continued decline in the services sector which accounts for 53.7% of GDP. Nevertheless, electricity and gas as well as financial institutions grew by 35.5% and 11.78% respectively in Q2 2017.

The GDP figures give grounds for cautious optimism especially as inflation has continued to fall from 18.72% in January 2017 to 16.05% in July 2017. Foreign exchange reserves have similarly improved from a low of $24.53 in September 2016 to about $31 billion in August 2017. In the same vein capital importation grew by 95% year-on-year driven by portfolio and other investments but also notably by foreign direct investment which increased by almost 30% over the previous quarter.

Foreign trade has also contributed to improving economic conditions with exports amounting to N3.1 trillion in Q2 2017 while imports which increased by 13.5% amounted to N2.5 trillion in the same period. The overall trade balance thus remained positive at N0.60 trillion.

Unemployment however remains relatively high but job creation is expected to improve as businesses and employers increasingly respond more positively to the significantly improving business environment and favorable economic outlook.

Besides, as key sectoral reforms in both oil and non-oil sectors gain traction, the successful implementation of ERGP initiatives such as N-Power and the social housing scheme will boost job creation.

Food inflation also bears watching as it has remained quite high and volatile due mostly to high transport costs and seasonal factors such as the planting season. Investments in road and rail infrastructures, increased supply and availability of fertilizers and improvements in the business environment should contribute to the easing of food prices.

Overall, the end of the recession is welcome but economic growth remains fragile and vulnerable to exogenous shocks or policy slippages. Accordingly, it remains essential to intensify efforts going forward on the implementation of the ERGP to achieve desired outcomes including sustained inclusive growth, further diversification of the economy, creation of jobs and improved business conditions."


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
5th September 2017

The cant deceive us, we are wise than them

How does it put food on the table of a poor man, how much is bag of cement, rice, beans etc.
On Biafra no going back

Doyin2:
Who could be more foolish that the person that cannot differentiate current exchange rate from current GDP rate.

The most annoying thing about people like you, is the abuse of others, in spite of absolute lack of knowledge and near zero intelligence.

As far as the cost of living remains high your talking trash, you can deceive some people but not all the people all the time.

Doyin2:
Who could be more foolish that the person that cannot differentiate current exchange rate from current GDP rate.

The most annoying thing about people like you, is the abuse of others, in spite of absolute lack of knowledge and near zero intelligence.

As far as the cost of living remains high your talking trash, you can deceive some people but not all the people all the time.

How does it change the life of a poor man on the street for better?
All hail Biafra

sapele914:
MUMU is it by force you must comment?it wasn't The Late Dora Akinyuli that said anything about Nigeria's GDP increase,it was the former minister of finance Okonjo Iweala.

thanks for the correction but what changed? Rushing to attack and insult someone you don't know it wrong, take note

Uchgibson:
Manifestation of it is my concern....Until the living conditions of Nigerians improves and prices of goods reduces, that is when I will believe that statistical report.

exactly

cstr1000:
Bloody illiterate.
Tell me what is in place to remove recession.?
The things that matter to you as a poor peasant that you are, like exchange rate, inflation, liquidity ratio are abysmally low and worsening, you are busy telling yourself lies.
no worry. na hunger go finish una last-last.

you think u can hide behind ur outdated rusty laptop to type thrash right? i no blame u, who is the illiterate here thinking exchange rate and inflation means u re in recession, were you a rich man during the last administration? if i recall prices of goods and services was in the rise, it never came down. dollar went from N150 to N200. Jan 1st 2012 a litter of fuel went from N75 …………… to about N138 before they finally reduced it to N97, u were blind then abi? foolish idiot.

cstr1000:
Bloody illiterate.
Tell me what is in place to remove recession.?
The things that matter to you as a poor peasant that you are, like exchange rate, inflation, liquidity ratio are abysmally low and worsening, you are busy telling yourself lies.
no worry. na hunger go finish una last-last.

my bishop used to tell us that it is only a witch that will never be happy to hear of good news, i believe ur fellow witches celebrated when it was announced that we ve slipped into recession, even the almighty IMF predicted that Nigeria is making giant strides in the right direction, that before dec. this year Nigeria will be fully out of recession but to hypocrites like you its a NO!!!!!!! Nigeria will never exit recession. God pass una.

[q

How is it they keep reporting we are out of recession but yet, apart from figures they have the media to report, everything in Nigeria remains at it is since the recession began. Fake figures everyday..

presidency:
Office Of The Vice President Press Release

*Will Intensify ERGP Implementation

The Buhari administration welcomes news of Nigeria's exit from recession with cautious optimism and will continue to drive Nigeria's economic growth by vigorously implementing the Economic Recovery & Growth Plan launched earlier this year by President Muhammadu Buhari.

The overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil production levels, (occasioned by the enhanced security and stability in the Niger Delta) sustained growth in agriculture, mining and the first growth recorded in industry as a whole in the last nine quarters since Q4 2014.

Below Is A Statement By Special Adviser On Economic Adviser To The President, Dr. Adeyemi Dipeolu On The 2nd Quarter 2017 Figures Just Released By The National Bureau Of Statistics

"The figures released by the National Bureau of Statistics for the second quarter of this year (Q2 2017) show that the economy grew in Q2 2017 by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016. This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction.

This positive growth is attributable to both the oil and non-oil sectors of the economy. Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017. It rose by 1.64% as compared to -15.60 in Q1 2017, an increase of up to 17 percentage points. This improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.

The non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017. This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions. However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.

The positive growth seen in agriculture when the rest of the economy was contracting was maintained at 3.01% which is encouraging especially if seasonal factors are taken into account. Manufacturing growth was also positive at 0.64% and although lower than the previous quarter’s growth of 1.36%, it was an a noticeable improvement over the -3.36% experienced in Q2 2016 and a continuation of the turnaround of the sector. Solid minerals which remain a priority of the Administration also continued to grow and in Q2 2016 by 2.24%.

Overall, industry as a whole grew by 1.45% in Q2 2017 after nine successive quarters of contraction starting in Q4 2014. This positive development was somewhat overshadowed by the continued decline in the services sector which accounts for 53.7% of GDP. Nevertheless, electricity and gas as well as financial institutions grew by 35.5% and 11.78% respectively in Q2 2017.

The GDP figures give grounds for cautious optimism especially as inflation has continued to fall from 18.72% in January 2017 to 16.05% in July 2017. Foreign exchange reserves have similarly improved from a low of $24.53 in September 2016 to about $31 billion in August 2017. In the same vein capital importation grew by 95% year-on-year driven by portfolio and other investments but also notably by foreign direct investment which increased by almost 30% over the previous quarter.

Foreign trade has also contributed to improving economic conditions with exports amounting to N3.1 trillion in Q2 2017 while imports which increased by 13.5% amounted to N2.5 trillion in the same period. The overall trade balance thus remained positive at N0.60 trillion.

Unemployment however remains relatively high but job creation is expected to improve as businesses and employers increasingly respond more positively to the significantly improving business environment and favorable economic outlook.

Besides, as key sectoral reforms in both oil and non-oil sectors gain traction, the successful implementation of ERGP initiatives such as N-Power and the social housing scheme will boost job creation.

Food inflation also bears watching as it has remained quite high and volatile due mostly to high transport costs and seasonal factors such as the planting season. Investments in road and rail infrastructures, increased supply and availability of fertilizers and improvements in the business environment should contribute to the easing of food prices.

Overall, the end of the recession is welcome but economic growth remains fragile and vulnerable to exogenous shocks or policy slippages. Accordingly, it remains essential to intensify efforts going forward on the implementation of the ERGP to achieve desired outcomes including sustained inclusive growth, further diversification of the economy, creation of jobs and improved business conditions."


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
5th September 2017

Who says that Nigeria has exited Recession? That's a Statis-lie. Nigeria is now in Depression and will never get out of it until the Country is Restructured.