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Economic Recession

Economy

Nigeria Moves out of Economic Recession

The Gross Domestic Product of a nation is one of the primary indicators to measure the health of a country’s economy. Nigeria’s economy has been sick for a long time, it has however for the first time in 25 years made an immense improvement. It has recovered from economic recession recording a positive growth.

The National Bureau of Statistics on Tuesday said the GDP grew by 0.55 Percent with a year on year in real terms in the second quarter of 2017. GDP gives an overall picture of the state of the nation’s economy, hence, there is a great advancement in our national economy.

This is indeed good news as the nation’s GDP had shrunk to 0.52 in the first quarter of 2017, which represents the fifth consecutive quarter of contraction since the first quarter of this administration in 2017. The economy had shrunk by 1.5 percent in 2016, the first full year contraction in 25 years after the steep fall in the price of crude oil.

This indicates that an increase in the productive capacity of an economy has been achieved. However, more hands need to be on deck to achieve a sustainable economic growth.

To those doubting Thomas, don’t just wait and watch but join hands in actualizing a total economic growth.

News Adapted from the Punch

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Adepeju Adenuga

Adepeju Adenuga is a writer (considering where you are reading this, makes perfect sense). She holds a Masters Degree in Literature in English from the University of Lagos.

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