No movement: Nigeria still stuck in recession

No movement: Nigeria still stuck in recession

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Dr Yemi Kale, Statistician General of the Federation

Nigeria is still stuck in economic recession, according to recent data released by the National Bureau of Statistics.

Nigeria’s Statistician-General, Dr Yemi Kale, published the figures for last quarter 2016 early Tuesday. In the data released, the country’s GDP contracted by -1.30% in the last quarter of 2016, bring the year’s overall GDP to -1.51%.

Reporting on the indices for the quarter, the National Bureau of Statistics noted that; the GDP  contraction  “reflects  a  difficult  year  for Nigeria,  which  included  weaker  inflationinduced  consumption  demand,  an increase  in  pipeline  vandalism,   significantly  reduced  foreign  reserves  and  a concomitantly weaker currency, and problems in the energy sector such as fuel shortages and lower electricity generation.”

Nigeria officially slipped into recession in April 2016, casting in doubt the capacity of the ruling All Progressives Congress (APC) to effectively govern the country burdened by official corruption.

The recent economic indices will hand over talking points to opposition Peoples Democratic Party (PDP) against ruling All Progressives Congress (APC) about an economic that is not working for millions of citizens. But that is if the PDP, fractured and in total disarray, has the presence of mind to look at the indices.

 

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