Posted on Tue 23 May 2017, 12:49 PM

Though the Nigerian economy remains in its worst recession in 29 years, it has however recorded a gross domestic product (GDP) growth rate of -0.52 percent for the first quarter of 2017. 

This was confirmed on Tuesday, May 23 by the country’s National Bureau Statistics (NBS) in its gross domestic product (GDP) report for the first quarter of 2017. 

The nation’s Gross Domestic Product (GDP) contracted by –0.52% (year-on-year) in real terms, representing the fifth consecutive quarter of contraction since Q1 2016. According to the NBS, the growth is 0.15% higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67% from –0.36%) higher by 1.21% points from rate recorded in the preceding quarter, (revised to –1.73% from –1.30%). 

Quarter on quarter, real GDP growth was –12.92%. The NBS noted that during the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06%. 

The report of the National Bureau Statistics (NBS) said the growth was higher relative to growth recorded in Q1 2016 (11.39%). 

Recall that the NBS had in August 2016, called Nigeria’s first recession since the return of democracy in 1999, stating that the economy shrank by 2.06 percent in the second quarter of 2016 to hit its lowest point in nearly three decades. 

Similarly, a data released by the World Bank noted that the last time Nigeria had this magnitude of economic decline was under the military regime of Ibrahim Babangida, when the economy recorded consecutive decline of 0.51 percent and 0.82 percent in first and second quarters of 1987.

 

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