The National Bureau of Statistics (NBS) has released a report on Nigeria's economy in the second quarter, including the GDP, Inflation, Employment, and Unemployment, Capital Importation and other key essentials.
A Recession is the point at which the economy decreases fundamentally for no less than six months. That implies there's a drop in the accompanying five economic pointers: real Gross Domestic Product (GDP), Income, Employment, Manufacturing, and retail sales. Individuals regularly say a Recession is the point at which the GDP development rate is negative for two sequential quarters or more.
Nigeria's economic circumstance is in "its most exceedingly bad conceivable time", as indicated by Back Pastor Kemi Adeosun. The expansion rate shrank at 17.1%, The GDP had shrunk by 2.06%, the economy by 0.36%.
The National Bureau of Statistics (NBS) has released a report on Nigeria's economy in the second quarter, including the GDP, Inflation, Employment, and Unemployment, Capital Importation and other key essentials. Oil cost has crashed to less than $50 per barrel; Nigeria's production yield has tumbled over 400,000 barrels because of militancy activities in Niger Delta area.
Oil production plunged to 1.69 million barrels per day in the second quarter of 2016, down from 2.11 million barrel per day in the first quarter, with oil – based GDP shrinking by 17.5% in quarter two contrasted with 1.9% in the first quarter.
Naira stayed at record low of #423 per dollar operating at the black market, as dollar traded for 365.25 in the interbank market this month. On Employment; 4.58 million Nigerians have turned out to be jobless since a year ago, adding 2.6 million to unemployment figures of 1.46 million recorded in the third quarter of 2015 and 518.102 in the final quarter of 2015.
As indicated by reports during the reference period, the unemployed in the work force increased by 1,158,700 people, bringing about an expansion in the national unemployment rate to 13.3% in Q2 2016 from 12.1 in 2016, 10.4% in 2015 from 9.9% in Q3 2015 and from 8.2% in Q2 2015.
The value of capital imported into Nigeria in the second quarter of 2016 was estimated to be $647.1 million, which represents a fall of 75.73% in respect to the second quarter of 2015. This provision figure would be the most minimal level of capital imported into the Economy on record, and would likewise represent the largest year on year decrease. This would be the second continuous quarter in which these records have been set. The exit from this Recession is Entrepreneurial Revolution.
Entrepreneurial revolution is the exit plan that will take us to our promised land. I am emphatically weeping for this revolution and have composed a book on it "Entrepreneurial Transformation". It is no longer news, the nation is poor, and oil costs have gone down to an all – time low of under $50 per barrel. We did not save when we had abundance, we didn't build foundations. Insufficient energy to drive the businesses. These are intense circumstances however given the chance to learn and rebuild. For Nigeria to be extraordinary again we have to take extreme choices
. Business enterprise needs to take the front burner. With around 70% youth populace (Roughly 80 million) there is an abundance of human resources. We have to make employments for the developing populace of adolescents. In any case, it is not for government to create occupations for the developing populace of young people. Government has obligation to make right condition for entrepreneurial improvement.
In any case, there are various difficulties thwarting the development of business enterprise in Nigeria, they are: lack of access to fund; over tax assessment of SMEs; deficient power supply; absence of basic infrastructure; insecurity.
