Nigerian President, Muhammadu Buhari, reacted to the nation's recent emergence from recession, stating that "Until coming out of recession translates into meaningful improvement in people's lives, our work cannot be said to be done".
Nigeria's economy experienced a significant growth for the first time in 25-years as the country's Gross Domestic Product increased by 0.55 percent (year-on-year) in real terms in the second quarter of 2017.
Nigeria's National Bureau of Statistics revealed this Tuesday, August, 5, 2017. According to the NBS's report, the nation's GDP shrank by 0.25 year-on-year in real terms in the first quarter of 2017, representing the 5th successive quarter of contraction since the first quarter of 2017.
The current 0.55 growth is reportedly higher than the -1.49 percent recorded in the corresponding quarter of 2016, and higher than the 1.46 percent points from the rate recorded in the preceding quarter, (revised to - 0.91 percent from -0.52 percent).
The current 0.55 growth is reportedly higher than the -1.49 percent recorded in the corresponding quarter of 2016, and higher than the 1.46 percent points from the rate recorded in the preceding quarter, (revised to - 0.91 percent from -0.52 percent).
The NBS further disclosed that quarter on quarter, the actual GDP growth was 3.23 percent. This development indicates a first emergence from a 25-year-old recession.
President Buhari pledged that his administration will ensure that the ordinary Nigerian feels the impact of this recovery.
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