Nigeria: Recession, State of Our Well-Being and Economic Experts

23 November 2017

opinion By Atu Ikot

Since the publication of the 2017 Second Quarter Gross Domestic Product (GDP) Report by the National Bureau of Statistics (NBS), which indicated that Nigeria has inched out of recession, commentators who apparently do not agree with that position have struggled to link their perception to the state of well-being of majority of Nigerians. To them, since there is still an outcry of hardship in the land, then the country's economy is still neck deep in recession.

They maintain that the recession regime is still on, in spite of the marginal 0.55% positive growth gained after five consecutive quarters of negative outing. However, put simply, a recession results when there is two consecutive quarters of negative GDP growth in a national economy. Exiting recession therefore is when a succeeding quarter growth level turns positive.

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