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Home Business News

Recession over at last? 3 reasons why the NBS chief ‘feels’ so

Chacha Wabara by Chacha Wabara
August 10, 2017
in Business News, Politics
#Buhariomics: Presidency Outlines 2,176 Page Plan to Exit Recession
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The Statistician-General and chief executive officer of the National Bureau of Statistics Yemi Kale may have news capable of throwing Nigerians into joy as he ‘thinks’ the economy might have resuscitated its way of the dredges of recession it currently finds itself. According to Bloomberg, Kale in an interview stated as much. “Intuitively, we might be getting out of recession in the second quarter, but I can’t say until all the numbers are in,” Kale said. Here are 3 reasons for his prediction.

  • The reasons for the NBS boss’ suspicions are hinged on initial reports from the six major sectors, making up more than half of the economy. While trade and real estate will probably still contract, crude and telecommunications might shrink or expand marginally, manufacturing and farming are expected to grow in the second quarter.
  • Factory costs have also dropped significantly in the second quarter especially as the CBN window for investors hit the ground running achieving massive flow of forex within the initial weeks of its inception. The window succeeded in cleaning out a premium of about 20 percent on the black market after the CBN asked commercial banks to start quoting the window’s prices.
  • Oil production has also continued to rise as the data from the Organization of Petroleum Exporting Countries shows that Nigeria for Q2 2017 averaged 68 million barrels daily. For a country that depends heavily on oil production for the majority of its revenue, the 8.6% increase over last year’s figures will be more than a welcome relief. It will also have contributed in no small measure to the belief that the country may be out the woods finally.

Source

Tags: EconomyNews ReviewQuickTakesrecessionThe National Bureau of Statistics
Chacha Wabara

Chacha Wabara

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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Comments 1

  1. Anodebenze says:
    August 12, 2017 at 3:46 pm

    damn all of them,this recession could have ended by sept last year,if they had act fast,all this rubbuish of Crr or mpc could be a thing of the past,there is no excuse for Nigeria to be still in recession.what a man sows he reaps

    Reply

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