by Alexander O. Onukwue
The Nigeria Bureau of Statistics published data today which says the country is officially out of its worst recession in 29 years.
The figures published by the NBS confirms the words of the Statistician-General of the Federation, Dr Yemi Kale, who had expressed to Bloomberg TV, in an interview, that the country could have exited its recession in June. With the growth of the GDP by 0.55 % for the second quarter (Q2) 2017, Nigeria has now climbed out of a dire economic status that it has held for the best part of the last two years.
As soon as the data were published, the Presidency was quick to claim glory for the successful exit from recession. Through the official twitter handle of the Presidency, @NGRPresident, a reference was made to President Muhammadu Buhari’ New Year’s Day speech this year in which he promised that “the current pains are temporary and will ease when the economic seeds in gestation begin to bloom to fruition”
Another quoted tweet reminded that the President was “optimistic that the CHANGE you voted for n 2015 will manifest more and be sustained in different sectors, in 2017”.
With the considerable improvements in the fortunes of the country from the first quarter of the year to the second, and in comparison to the five successive contractions experienced throughout the quarters of 2016, it certainly does sound like the Government’s optimism has paid off and its promise delivered.
The services sector, with 53.73%, contributed most to the Real GDP in 2017, while the industries contributed 23.31% and agriculture 22.97%.
The improvements in the economy, from the first to the second quarter, have come despite the absence of President Muhammadu Buhari for huge periods in both quarters. In the second quarter, between April and June, President Buhari was away for 54 of the 91 days on a medical vacation, but the Vice President Yemi Osinbajo held steadily to the affairs of state till Buhari returned in the middle of August.
More than two years into its tenure, it will be a relief and source of confidence for the administration to see that the recession has technically been overcome. The burden will now be to ensure it translates into substantial revitalization of the common man’s economy, not just numerically in the spreadsheets of the bureau of statistics.
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