National Bureau of Statistics, Yemi Kale, has said that Nigeria’s economy is in the second stage of recovery and heading towards a sustainable growth.
This was contained in a statement by the NBS’ head of public affairs and international relations, Ichedi Joseph on Monday.
The statement clarified reports in the media quoting Bureau’s chief Yemi Kale as saying that Nigeria is yet to emerge from recession when appeared on Arise Television last weekend where he spoke on the economy and the next Gross Domestic Product (GDP) report to be released soon by the NBS.
“We want to emphasize and state categorically that the economy is out of recession and at no time did NBS or its CEO state otherwise as has been reported,” read the statement shared on Twitter via the Bureau’s official account.
“You will recall that it was the same NBS that announced the end of the recession in Q2 2017 following the announcement of the first positive growth in the nation’s Gross Domestic Product ( GDP) following five quarters of contractions. Economic growth as measured by GDP has remained positive ever since. ( 0.72% in Q2 2017, 1.17% in Q3 2017; 2.11% in Q4 2017, 1.95% in Q1 2018).”
The statement added that stages after an economic recession are an economic recovery phase where economy moves gradually towards sustainable growth which Nigeria economy currently finds herself.
“This is the stage of recovery that we are now and was alluded to by Statistician General during his interview that the economy is in the second stage of recovery, heading towards sustainable growth, which is the last stage cannot and should not be wrongly interpreted as the economy is still in a recession,” the statement read.
The economic growth represents an expansion in the productive a capacity of a country and it is measured by such macroeconomic index, namely as Gross Domestic Product. This is different from development, which implies the country’s capacity to meet people’s social, economic and political needs and aspirations marked in terms of poverty reduction, education standards, high life expectancy, job creation, infrastructural facilities and so on.
While though development requires growth, growth would not lead to development if resources are mismanaged or unfairly distributed.
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