Nigeria is officially in a recession, based on data issued by the Nigerian Bureau of Statistics. The country's economy contracted by 0.4% in the first quarter of the year, and by 2.1% in the second quarter of the year.
While Nigerians are praying for a quick reprieve, economic experts believe that the recession may persist and even accelerate.
Chairman and Chief Executive Officer of International Energy Services (IES) Limited, Dr. Diran Fawibe, in an interview with The Guardian, said the country had been lying with statistics which negated the real situation in the country. He said Nigeria had been in recession long before it finally admitted to it.
Frontline economist and Chief Executive Officer of Financial Derivates Limited, Bismarck Rewane said though the official report came out yesterday, it was long obvious that the country was in recession. “The challenge is that the recession was deeper than we thought,” he said.
Deputy Managing Director of Afrinvest, Victor Ndukauba said the NBS report was expected. “There were no surprises; it was actually expected the GDP would have contracted further than announced based on what was happening in the economy.”
According to Ndukauba, it may take up to three years before Nigeria can come out of the recession.
Rewane said: “We now have our work cut out for us. We need investor’s confidence now more than anytime else and all hands must be on deck. We must woo the investors now, but it is not a magic wand. We must first do our work.”
All I can say is this: Na like this we go dey dey???
Source: Guardian Nigerian
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