— Exit is work-in-progress, says Buhari
— Shows Buhari is working - Femi Adesina
— Exit not reflective on lives - Makarfi, PDP Chairman
— USAID applauds Nigeria
— We helped Nigeria exit recession – Senate
The news that the nation exited its worst recession in 25 years was received with cautious optimism by a cross section of Nigerians on Tuesday, with many economists and analysts saying the 0.55 per cent growth in the Gross Domestic Product in the second quarter was slower than expected.
They also warned that the growth, which was largely as a result of rising oil price and improved production in the period, was fragile and that the nation could slip back into recession if the price of crude suffered a dramatic decline.
Leading the call for caution was President Muhammadu Buhari, who said the development would not make any impact until it had effect on the lives of ordinary Nigerians.
The National Bureau of Statistics had earlier in the day announced that the Nigerian economy finally came out of recession after recording five consecutive quarters of contraction, with the GDP recording a growth rate of 0.55 per cent in the second quarter as against the -0.91 revised rate recorded in the first quarter of this year.
The Statistician-General of the Federation, Dr. Yemi Kale, stated that the second quarter growth rate was 2.04 per cent higher than -1.49 per cent recorded in the corresponding second quarter of 2016.
In monetary terms, the report put the aggregate GDP for the second quarter of this year at N26.98tn, noting that this was higher than the nominal GDP of N23.54tn recorded in the corresponding second quarter of 2016.
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Nigeria out of recession, Presidency, economists, others react
— Shows Buhari is working - Femi Adesina
— Exit not reflective on lives - Makarfi, PDP Chairman
— USAID applauds Nigeria
— We helped Nigeria exit recession – Senate
The news that the nation exited its worst recession in 25 years was received with cautious optimism by a cross section of Nigerians on Tuesday, with many economists and analysts saying the 0.55 per cent growth in the Gross Domestic Product in the second quarter was slower than expected.
They also warned that the growth, which was largely as a result of rising oil price and improved production in the period, was fragile and that the nation could slip back into recession if the price of crude suffered a dramatic decline.
Leading the call for caution was President Muhammadu Buhari, who said the development would not make any impact until it had effect on the lives of ordinary Nigerians.
The National Bureau of Statistics had earlier in the day announced that the Nigerian economy finally came out of recession after recording five consecutive quarters of contraction, with the GDP recording a growth rate of 0.55 per cent in the second quarter as against the -0.91 revised rate recorded in the first quarter of this year.
The Statistician-General of the Federation, Dr. Yemi Kale, stated that the second quarter growth rate was 2.04 per cent higher than -1.49 per cent recorded in the corresponding second quarter of 2016.
In monetary terms, the report put the aggregate GDP for the second quarter of this year at N26.98tn, noting that this was higher than the nominal GDP of N23.54tn recorded in the corresponding second quarter of 2016.
READ FULL ARTICLE
Nigeria out of recession, Presidency, economists, others react
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