No Economic Recession Now- NBS

The National Bureau of Statistics (NBS) has refuted media reports to the effect that the Nigerian economy is still in recession.
In a statement signed by the Head of Public Affairs and International Relations Unit of NBS, Mr. Sunday J. Ichedi and made available to Economic Confidential in Abuja, the apex statistical agency said the false report emanated from the interview granted to Arise Television by the Statistician General /CEO of NBS, Dr Yemi Kale, and at no time did he say the economy was still in recession.
“You will recall that it was the same National Bureau of Statistics (NBS) that announced the end of recession in Q2 2017 following the announcement of the first positive growth in the nation’s Gross Domestic Product (GDP) following 5 quarters of contraction. 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 and 1.95% in Q1 2018)”, the statement said.
“The NBS has stated several times that the stages after an economic recession is an economic recovery where the economy moves gradually following the end of a recession towards sustainable strong growth. This is stage of recovery that we are now and was alluded to by the Statistician General during his interview”, the release further said.
“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 concluded.