BEVERLY HILLS, September 06, (THEWILL) – The Peoples Democratic Party (PDP) has declared that there is nothing to celebrate concerning Nigeria’s exit from recession.
THEWILL recalls that statistics released on Monday by the Nigeria Bureau of Statistics (NBS) about the Gross Domestic Product (GDP) for the second quarter reported that Nigeria has come out of its longest recession in almost three decades.
According to the report, the Nigerian economy grew by 0.55 per cent in Q2 2017, the first growth in six consecutive quarters, compared to -0.91 per cent (revised) in Q1 2017 and -1.49 per cent in Q2 2016.
But the PDP in a statement by its spokesman, Prince Dayo Adeyeye, in Abuja on Wednesday, insisted that the growth falls way short of the 6.54 per cent GDP growth in the corresponding quarter of 2014.
Adeyeye also said the current result falls significantly below the 3.96 per cent growth in Q1 2015, which was PDP’s last full quarter in office.
He added that it was important to note that the South African economy grew by a more impressive 2.5 per cent after contracting by 0.3 per cent and 0.6 per cent in Q4 2016 and Q1 2017, respectively.
He concluded that the recovery of the Nigerian economy is weak and feeble when the figures are considered along with inflation rate of 16.05 per cent and an annual population growth rate of approximately 2.67 per cent.
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