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
