‘Nigeria now in depression, not recession’ – Olisa Agbakoba

A Senior Advocate of Nigeria, Olisa Agbakoba, says Nigeria’s economy is currently in a depression and not a recession as earlier stated by the Central Bank of Nigeria, Godwin Emefiele. Agbakoba said this at a press conference in Lagos yesterday May 25th

“We are no more in recession, we are now in depression because five consecutive quarterly growth which Q1 2016 shows a negative balance is a depression.

Technically speaking, you calculate growth rate by GDP over population, goods and service produced over population. Do you know the current growth rate for the Q1? According to the National Bureau of Statistics, it is 0.34. The last growth rate was two., so we lost two. Therefore, we are now at the depression stage. Also, if you look at all the critical indexes, you will find out that things are really bad, foreign direct investment is zero, stock market is down, petroleum prices are up, in fact no good news.”he said