The Statiscian General of Nigeria, Yemi Kale, has reaffirmed recent projections by the World Bank and IMF that the Nigerian economy may soon come out of recession. Mr. Kale made this known today while featuring on Channels TV Business Morning hosted by Boason Omofaye. According to him, even though the GDP contracted by 0.52% in the first quarter, it was way better than the 1.73% recorded in the fourth quarter of 2016.
In August 2016, NBS announced that the Nigerian economy had moved into its first recession since the return of democracy in 1999. The NBS report suggested that the economy shrank by 2.06% in the second quarter of 2016 to hit its lowest point in nearly three decades.
According to World Bank, 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% and 0.82% in first and second quarters of 1987.
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