{"id":8192,"date":"2016-08-31T20:39:53","date_gmt":"2016-08-31T19:39:53","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8192"},"modified":"2016-08-31T20:39:53","modified_gmt":"2016-08-31T19:39:53","slug":"nigeria-officially-in-recession-gdpgrowth-drops-to-2-06","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-officially-in-recession-gdpgrowth-drops-to-2-06\/","title":{"rendered":"Nigeria Officially In Recession, GDPGrowth Drops To -2.06%"},"content":{"rendered":"

Nigeria officially in recession, GDP growth drops to -2.06%<\/p>\n

The National Bureau of Statistics, NBS will be releasing the second quarter GDP which will show that the country is officially in recession because the economy shrank by -2% in the second quarter of the year.<\/p>\n

Key indices that let to this result includes the sharp drop in Nigeria\u2019s soverign revenue. This led to a mass shortage of Forex for imports of goods and key raw materials for Nigeria\u2019s struggling and small manufacturing sector.<\/p>\n

The consequence of the huge increase in fuel prices as a result of subsidy removal has also led to a high inflation rate in mostly food and commodity prices. Nigeria has also witnessed massive lay-ogfs in the services, banking, maufacturing and aviation sectors just to mention a few. A high unemployment rate, low productivity can only bring out a growth rate of -2% which seems like a conservative figure given the impact of the recession on everyday Nigerians.<\/p>\n

However, some of these problems are self-inflicted.<\/p>\n

The International Monetary Fund, IMF has already revised Nigeria\u2019s growth rate.<\/p>\n

Meanwhile, the Minister of Finance, Mrs. Kemi Adeosun, on Wednesday admitted that Nigeria is in its worst possible time with the Gross Domestic Product figures for the 2016 second quarter by the National Bureau of Statistics which confirmed the nation\u2019s economy is in recession.<\/p>\n

She said the nation has a long way to go and the government was not deceiving itself that all was rosy.<\/p>\n

Adeosun spoke with State House correspondents at the end of a meeting of the Federal Executive Council meeting held inside the Presidential Villa, Abuja.<\/p>\n

\u201cIt\u2019s the worst possible time for us. Are we confused? Absolutely not,\u201d the minister said.<\/p>\n

She identified some of the ways the country could get out of recession to include diversification of the economy and investing in capital projects.<\/p>

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She said, \u201cHow are we going to get ourselves out of this recession. One, we must make sure that we diversify our economy. There are too many of us to keep on relying on oil.<\/p>\n

\u201cWe can see what happened at the output data of the oil and gas sector. What\u2019s happening in the Niger Delta has dragged down the GDP of the entire economy. We are too dependent on oil, whereas 87 percent of our GDP is non oil. So let us drive those other areas<\/p>\n

\u201cWe have to invest in capital projects. No, we are not confused, the time are confusing but we are not confused. We are extremely focused. We know that if we can just bare and get through this difficult period, Nigeria is going to be better for it.<\/p>\n

\u201cIf we rely on oil and the price of oil remains low and the quantity of oil remains low, we can\u2019t grow. We have to grow our non oil economy<\/p>\n

\u201cI think that we have a long way to go. We\u2019re not confused and we\u2019re not deceiving ourselves that everything is rosy. It\u2019s not.<\/p>\n

\u201cIt\u2019s a difficult time for Nigeria but I think Nigeria is in the right hands and if we can stick with our strategy. We still have some adjustments to make. I think we need to make some adjustments in monetary policy.<\/p>\n

\u201cIt\u2019s quite clear we do and we will do that. We\u2019re working on that. We need to try and find a way to support the manufacturing sector better and we will do that.<\/p>\n

\u201cWhat we have is cost-put inflation and when you have cost-put inflation it is structural inflation. It is not going to respond to monetary policy tools such as increasing the rate of interest. We have to address the structural causes of the inflation<\/p>\n

\u201cThe trend, the rate of inflation growth has slowed down and that\u2019s a good sign.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria officially in recession, GDP growth drops to -2.06% The National Bureau of Statistics, NBS will be releasing the second quarter GDP which will show that the country is officially in recession because the economy shrank by -2% in the second quarter of the year. Key indices that let to this result includes the sharp …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[77,749,631,748],"coauthors":[2392,2393],"class_list":["post-8192","post","type-post","status-publish","format-standard","","category-business","category-news","tag-buhari","tag-imfii","tag-kemi-adeosun","tag-nbs"],"yoast_head":"\nNigeria Officially In Recession, GDPGrowth Drops To -2.06% - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-officially-in-recession-gdpgrowth-drops-to-2-06\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Officially In Recession, GDPGrowth Drops To -2.06% - National Wire\" \/>\n<meta property=\"og:description\" content=\"Nigeria officially in recession, GDP growth drops to -2.06% The National Bureau of Statistics, NBS will be releasing the second quarter GDP which will show that the country is officially in recession because the economy shrank by -2% in the second quarter of the year. 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