Recession: FG stay off!

The figures are out, and Nigeria is officially in a state of recession. We are in the worst situation ever imagined. But I was proven right even though I will not gloat. I took a cursory look at the sectoral performance for Q2 and not surprisingly all I had said was proven right. Oil and…

Capital imported by sectors stands at $202.70m for Q2 2016- NBS

“In the second quarter of 2016 the value of share capital imported was estimated to be $202.70 million, which as for capital importation as a whole sets the record for the lowest value for the second consecutive quarter. “The figure represents a decline of 16.77 per cent relative to the previous quarter, and a decline…

NIGERIA IN WORST ECONOMIC RECESSION EVER – NBS

Food prices, inflation at 11-year high 4.58m Nigerians became jobless in Q1, Q2 2016 NATIONAL Bureau of Statistics, NBS, has confirmed that Nigeria is in its worst economic recession in 29 years. According to the NBS Gross Domestic Product, GDP, report for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent to record…

Growth rate may beat IMF prediction, says Fed Govt

As emphasis on capital expenditure by the Federal Government begins to yield positive results with investment/Cross Domestic Product (GDP) ratio increasing, the GDP growth rate of the economy is likely to beat the International Monetary Fund (IMF) prediction of -1.8 per cent for this year, the Ministry of Budget and National Planning said yesterday. Although…

FG Expects Better Economic Outlook for Second Half of 2016

Jide Onifade: The just released GDP figures for the 2016 Second Quarter by the National Bureau of Statistics indicates a further growth in agriculture and the solid mineral sectors while confirming a temporary decline, has also indicated a hopeful expectation in the country’s economic trajectory. Besides the growth recorded in the agriculture and solid mineral…