Business Why Nigeria's Q3 2017 GDP Figures Hides Some Really Bad News

[siteadmin]

According to the recently released Q3 Gross Domestic Product (GDP) 2017 statistics by The Nigerian Bureau of Statistics (NBS), Nigeria's GDP grew by 1.4% double the 0.7% growth recorded in the preceding quarter. This has been touted as great news but that analysis hides hidden dangers.

Nairametrics, a leading financial resource company based in Nigeria, has taken a detailed look at the figures and concluded that the results should be a worry for the Nigerian economy which is trying to release itself from the shackles of the oil sector.

In their analysis, all the growth has come from the oil sector while every other sector of the economy contracted by between 0.46% and over 6%. These sectors include construction, trade, ICT and logistics.

Read the details on Nairametrics

 

[ProfRem]

Well for the Manufacturing, transport, ICT and construction report pose to the factor of the interest rate, the scarcity in the forex market couple with the multiple rates. A good fight from the Agricultural front though, the economy is solely hinge on Oil and its production and prices will continue to be a determining factor for our GDP until we have a strong and viable sector such as Agric.

 

[curator]

Well for the Manufacturing, transport, ICT and construction report pose to the factor of the interest rate, the scarcity in the forex market couple with the multiple rates. A good fight from the Agricultural front though, the economy is solely hinge on Oil and its production and prices will continue to be a determining factor for our GDP until we have a strong and viable sector such as Agric.

It is not the oil that is the problem but the greed, corruption and lack of any vision for the country. If the same people that have destroyed the oil industry get their hands on any other sector, we will still be in trouble. Nigerians should wake up, while we are being preached diversification, government officials are getting rich every day on the proceeds of the oil sector.

 

[ProfRem]

It is not the oil that is the problem but the greed, corruption and lack of any vision for the country. If the same people that have destroyed the oil industry get their hands on any other sector, we will still be in trouble. Nigerians should wake up, while we are being preached diversification, government officials are getting rich every day on the proceeds of the oil sector.

So, way forward?

Should we go the Mugabe way, or the Jammeh's exit mode or face the ultimate Gadaffi approach in Nigeria

 

[curator]

So, way forward?

Should we go the Mugabe way, or the Jammeh's exit mode or face the ultimate Gadaffi approach in Nigeria

We should stop being sold dummies and keep asking for proper accountability. The diversification story is a We are told tales of a great agricultural past so we can forget the pain of being cheated. I agree we should diversify the economy but it will mean investing in education, infrastructure and technology. You cannot competitively farm with just your hands in today's economy, unless you are baba OBJ

 

[ProfRem]

We should stop being sold dummies and keep asking for proper accountability. The diversification story is a We are told tales of a great agricultural past so we can forget the pain of being cheated. I agree we should diversify the economy but it will mean investing in education, infrastructure and technology. You cannot competitively farm with just your hands in today's economy, unless you are baba OBJ

Quite agree, but at the same time, miracle won't just happen in a day. Hopefully, when we have next President, we will a complement ideas on the diversification process initiated from Baba Bubu.

Related: Buhari Happy With New GDP Figure