Nigerians Doubtful Over Country’s Recession Exit

By Obadiah Sani

Photo credit: Newtelegraphonline

Following the recent pronouncement that Nigeria is out of recession, – citizens have expressed reservations on the exit of the country from recession considering the high cost of goods in the market.

The National Bureau of Statistics (NBS), last week said, Nigeria exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017.

The report showed how the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.

But in a reaction, former presidential candidate, Chief Martin Onovo, faulted the NBS for coming up with a verdict that Nigeria is out of economic recession.

Onovo, who contested the 2015 presidential elections on the platform of the National Conscience Party (NCP), argue that Nigeria was in a season of stagnation rather than being in a recession according to Vanguard online.

While reacting to the pronouncement of the country’s exit from economic recession, Governor Ayo Fayose of Ekiti State said, Nigeria coming out of recession was false news.

While baring his mind to journalists, he said many Nigerians were still suffering and dying in reality.

In April, a London-based organisation, World Economics, had announced that the country was gradually moving out of recession woods, a situation that negatively affected many business, especially by the dollar restriction policy.

The organisation on its website says, “April Sales Managers’ Index (SMI) data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016.

There are speculations that the national development revenue has increased, suggesting a bright outlook for the economy.

The government is drumming that Nigerians must remain productive and sustain their economic activities to ensure a total defeat on the economic monster (recession).

A resident of Kaduna, Bright Sunday, who accepted the news with scepticism said, “questions that Nigerians are asking include, when would prices of food items come down? what policy, or strategy will the government introduce to ensure that the country does not go back to economic recession?”

A fabric seller in Kaduna Central Market, who wants to remain anonymous, said, “despite the announcement, prices of items have remained high in the market. We want to see price reduction on items, to identify with the new status,” she said.

President Muhammadu Buhari of Nigeria, himself believes that what the NBS said was not making sense to ordinary citizens, no wonder when he said, the real impact of coming out of recession will be better felt when ordinary Nigerians experience a change in their living conditions.

“Until coming out of recession translates into meaningful improvement in peoples’ lives, our work cannot be said to be done,” Buhari said.

Nigerian government needs put in place measures to consolidate efforts of individuals in the agricultural sector, oil and foreign direct investment, because they are the major factors currently boosting the economy.

Some opine that the federal government need invest more on things that would strengthen the country, not just the interest of leaders.


Posted by on 12/09/2017. Filed under News, Special. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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