Skip to main content

Why Nigerians Haven’t Felt Impact Of Exit From Recession – NBS Boss

The Statistician-General of the Federation and Chief Executive, National Bureau of Statistics, Dr. Yemi Kale, on Wednesday explained why Nigerians were not feeling the real impact of the positive economic growth rate on their lives.

Kale attributed the non-impact of the exit from recession on the citizens to the structure of the economy, which is still largely driven by oil.

He said while the economy might have recorded a growth rate of 0.55 per cent in overall Gross Domestic Product for the second quarter, not all the sectors did well in terms of productivity.

For instance, the NBS boss explained that out of the 42 economic activities that were used to measure the GDP growth rate, 21 recorded decline in productivity, while the rest performed better than they did in the first quarter.

He said the 21 of those economic activities that recorded slowdown in performance were those that ordinary Nigerians relate with on daily basis.

For instance, the NBS boss said while the manufacturing sector grew by 0.64 per cent in the second quarter, there were some segments of the sector that did not do well.

He gave some of them as manufacturing, which contracted by -10.88 per cent; motor vehicle and assembly, which contracted by -19.72 per cent; electrical and electronics, which contracted by -1.7 per cent; and chemical and pharmaceutical products, which declined by -0.98 per cent.

In addition, wood and wood products contracted by -2.09 per cent; pulp, paper and paper products, -1.85 per cent; and cement, -4.16 per cent.

Kale explained, “Recession is not about the price of your goods, not whether unemployment is going up or down, not whether you have quality education, it’s purely your Gross Domestic Product; your outputs of goods and services in the economy are going down.

“And the GDP is an accumulation of 46 different economic activities in Nigeria and the overall number, whether positive or negative, will determine whether you are in recession or out of recession.

“Now, within those 46 activities, some sectors will do very well and will be positive; some will do badly, some will do worse, and some will stay the same way they are.

“Depending on who you are in the society, what we publish is the aggregated total of everybody. So, even in that same report, you will see that 21 sectors were negative and there are other sectors that did well.”

He advised that with the economy being out of recession, there was a need for the government to work assiduously to ensure recovery by taking the growth rate to where it was before the decline in performance.

After this is done, he said the next stage would be to sustain the growth and take it beyond the rate of recovery.

The NBS boss explained that in as much as the GDP growth rate was still lower than the population growth rate, the real impact of such economic growth would not be felt significantly.

He said that its GDP report, which showed that Nigeria exited recession in the second quarter, was not doctored or politically motivated.

Kale explained that the NBS was an agency of government that was independent to carry out surveys and publish its findings based on international best practices.

The NBS boss faulted those making claims that the outcome of the report might have been influenced by political considerations, adding that none of the reports of the agency was influenced politically.

Kale said even at the risk of not being reappointed at the tail end of his tenure, economic reports that were not in favour of government activities were published by the agency, adding that if he did not doctor reports then, there was no basis to do so now.

He said, “In this administration, I am the one that published that we were in recession, and I am also the one that is saying we are now out of recession.

“I don’t think there is any inconsistency in what the NBS does in terms of politics. The recession announcement came two months to the renewal of my tenure. Now, if it was political, will I come and tell the government that wants to renew my tenure that inflation is in double digit?

http://investorsking.com/nigerians-havent-felt-impact-exit-recession-nbs-boss/
Post a Comment

Popular posts from this blog

FG and labor leaders to meet today over planned strike action against increased pump price

The Federal government, leaders of the Nigeria Labor Congress NLC ‎and Trade Union allies will be meeting today May 16th to discuss on the planned strike action by the Labor congress. The labor leaders on Saturday May 14th gave FG till midnight of Tuesday May 17th to revert to the old pup price of petrol of N86.50 or face a total strike that may begin on Wednesday May 18th.

The Federal government and Labor leaders' meeting will hold at the office of the Secretary to the Government of the Federation in Abuja by 10am..

Those expected at the meeting include Minister of Labor Chris Ngige, leaders of NLC, TUC, Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and their Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN counterpart.

TRAGEDY IN GHANA-Police officer, pregnant wife, daughter perish in gory accident,new born baby survives

A Police officer, his pregnant wife, their 3-year-old daughter and their nephew died in a horrible accident on the Adabraka road Sunday dawn.

The Police officer identified as Sergeant Francis Essuman 42, with his nephew Kobby 21, and their daughter Wilhelmina 3, were accompanying his pregnant wife, Elizabeth Essuman, 36, to the hospital to deliver when the accident occurred.

According to Chief Inspector Lilly Rockson in an interview with Adom News said, the pregnant woman delivered a bouncing baby boy in the taxi half way to the hospital prompting them to panic.

In a bid to quickly get her to the hospital to avert any complications, the taxi driver was compelled to speed but ended up crushing into a Sprinter bus which was on top speed from Tudu in Accra.

Title-crazy civil servants to go

Title-crazy civil servants are scared of being sacked, The Nation learnt at the weekend. Officials, who violated the Public Service Rule banning titles until after retirement, may be retired in the coming civil service reforms.
Only those whose titles were traditionally inherited may be spared but their postings and conduct will be put under watch.
According to sources, the government is disturbed that most of the top civil servants with honorary awards actually bought them at high fees.
The affected civil servants violated the rules which grants them the right to such honors only after retirement.
Besides committing the resources of Ministries, Departments and Agencies (MDAS) to such awards, most of the civil servants used the window to “grant favour to groups, persons, and communities in violation of their oath of office.”