NBS denies claims economy is still in recession

The Statistician General, Dr. Yemi Kale, has denied reports quoting him as saying that the Nigerian economy had yet to recover from recession.

Kale, who is the Chief Executive Officer of National Bureau of Statistics (NBS) said that Nigeria was out of recession and that at no time did he suggest otherwise.

His denial was in a statement released on Monday.

NBS in the second quarter of 2017 said that the country was out of recession, as the country recorded the first positive growth in its Gross Domestic Product (GDP), following five quarters of contraction.

He said that economic growth as measured by GDP, had remained positive, with 0.72% in second quarter of 2017; 1.17% in third quarter of 2017; 2.11% in fourth quarter and 1.95% in first quarter of 2018.

According to a report by a local newspaper on Monday, the Statistician-General was quoted to have lamented the performance of the nation’s economy in the second quarter of the year.

Source: Voice of Nigeria