Maritime Nigeria

Main Menu

  • Home
  • News
  • Interviews
  • Maritime Info
  • Photo Gallery
  • Fact
  • Profiles

logo

Header Banner

Maritime Nigeria

  • Home
  • News
    • FG Commits To Enhance NSC Regulatory Capacity

      May 28, 2025
      0
    • NPA, Dangote Agree On Port Expansion, Export Promotion

      May 27, 2025
      0
    • "Tinubu Reforms Driving Surge In Customs Revenue"-CGC

      May 25, 2025
      0
    • Sea Port Efficiency: FG To Deepen Lekki Port Channel

      May 25, 2025
      0
    • Maritime Bank Takes Off, Gets President/CEO

      May 23, 2025
      0
    • Customs Intercept N3.2Billion Illicit Drugs, Smuggled Items

      May 22, 2025
      0
    • Oyetola Engage French Ambassador On IMO Seat

      May 22, 2025
      0
    • CGC Revitalizes Seme Command, Regional Trade With SIGMAT

      May 21, 2025
      0
    • Full Implementation Of Marine And Blue Economy Policy On Course

      May 14, 2025
      0
  • Interviews
    • Nigeria Takes Leadership Of MOWCA

      Nov 18, 2021
      0
    • APM Participates in UK Trade Expo

      Oct 31, 2021
      0
    • Reps Seek Admission at MAN

      Dec 7, 2020
      0
    • NIMASA URGE SHIP OWNERS TO RENEW CABOTAGE LICENSES

      Oct 5, 2020
      0
    • FG Sacks Aboloma As NAIC Gets New EDs

      Aug 28, 2020
      0
    • Britain Celebrate Nigerian In Covid Efforts

      Jul 26, 2020
      0
    • Zuckerberg Backs Trump Against Twitter

      May 28, 2020
      0
    • NAFDAC DG Sheds Light On Chloroquine, Herbals, Masks and Covid19

      May 12, 2020
      0
    • Reps Threaten MDAs

      Feb 24, 2020
      0
  • Maritime Info
    • 2023 POP: Minister Task Cadets On Blue Economy

      Dec 15, 2023
      0
    • Rector, Trainees Excited, Laud FG On Modern Academy

      Jan 26, 2023
      0
    • Buhari Redeploys Minister As NPA, NIMASA, MAN, Others Get New Boards

      Apr 7, 2022
      0
    • World Bank Endorse Nigerian Ports, Partners Navy On Capacity Building

      Mar 19, 2022
      0
    • NIMASA Commend Nigerian Navy, Reassures On Floating Dock

      Feb 9, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • shipping

      Singapore Strait Dangerous To Shipping-ReCAAP

      Jan 24, 2022
      0
    • Lekki Deep Sea Port Will Increase Port Efficiency-Amaechi

      Jan 24, 2022
      0
    • Fair Competition: NSC Partners FCCPC For Effectiveness

      Jan 21, 2022
      0
  • Photo Gallery
    • SERAP Calls for Probe of Entire Privatization Processes 1999-2011

      Dec 4, 2017
      0
    • IMO Election: South Africa, Kenya, Liberia, Morroco and Egypt Make Category C

      Dec 2, 2017
      0
    • Maersk Ship on Fire as Coy Launches Six Container Lifting Tech

      Nov 2, 2016
      0
    • Captured Seafarers Languish In Captivity without Ransom

      Nov 1, 2016
      0
    • Niger Delta: Militants Ask FG to Include Former Agitators in Negotiations

      Nov 1, 2016
      0
    • Self-Audit: NIMASA Set to Review 3% Freight Charge

      Nov 1, 2016
      0
    • Recession: Japanese Shipping Companies to Merge

      Oct 31, 2016
      0
    • NSC Partners ICS on Capacity Building

      Oct 31, 2016
      0
    • AGAIN, APAPA CUSTOMS SURPASS MONTHLY TARGET WITH N33B COLLECTION

      Oct 5, 2016
      0
  • Fact
    • Maritime Police Boss Celebrate Workers

      May 1, 2025
      0
    • “VIN Is A Trade Tool, Not Punitive”-Customs

      Mar 2, 2022
      0
    • Blackmailers, False Publishers and Their Agents: Court Clears Rector

      Feb 18, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • "APM Terminals Is Beyond Moving Boxes Around"-Laursen

      Jan 24, 2022
      0
    • MWUN: Welfare, Safety Our Priority-Adeyanju

      Dec 27, 2021
      0
    • Reversing the Trend: Koko Breaks Record at NPA

      Dec 24, 2021
      0
    • Minister Demands More From MAN At Passing Out Parade

      Dec 20, 2021
      0
    • MARITIME NIGERIA TASK NIMASA ON MARITIME DEVELOPMENT

      Dec 15, 2021
      0
  • Profiles
    • CMA CGM Brings AI Onboard

      Jun 5, 2018
      0
    • Customs Notify 577 Officers of Retirement by Eguono Odjegba

      Jan 12, 2018
      0
    • Over 100 Persons Feared Dead in Mediterranean Ship Wreck

      Nov 3, 2016
      0
    • Ballast Water: Panama Signs Up

      Oct 24, 2016
      0
    • Ist Half Report: Customs generate N385.7bn revenue

      Aug 15, 2016
      0
    • Minister/MD Speeches at the Launch of NPA's CCCIS

      Jul 23, 2016
      0
    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
      0
    • Hadiza, Welcome to NPA

      Jul 16, 2016
      0
    • Habib Abdullahi Sacked Again from NPA

      Jul 12, 2016
      0
  • FG Commits To Enhance NSC Regulatory Capacity

  • NPA, Dangote Agree On Port Expansion, Export Promotion

  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

  • Sea Port Efficiency: FG To Deepen Lekki Port Channel

  • Maritime Bank Takes Off, Gets President/CEO

News
Home›News›Nigeria Out of Recession Quagmire

Nigeria Out of Recession Quagmire

By Editor
Sep 5, 2017
1140
0
Share:

Follwing Growth Statistics released by the National Bureau of Stattistics, NBS, indications are that Nigeria has exited the Recession which beclouded the country since last year.

“The figures released by NBS for the second quarter of this year (Q2 2017) show that the economy grew by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.

“This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction,’’ Dipeolu said.

This positive growth was attributable to both the oil and non-oil sectors of the economy.

Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017 as it rose by 1.64% as compared to -15.60 in Q1 2017; an increase of up to 17 percentage points.

According to Economic Adviser to the President, Dr. Adeyemi Dipeolu, “The improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.’’

According to NBS, the non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017.

“This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions.

“However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.

“The positive growth seen in agriculture when the rest of the economy was contracting was maintained at 3.01% which is encouraging especially if seasonal factors are taken into account.’’

Manufacturing growth, he said, was also positive at 0.64% and although lower than the previous quarter’s growth of 1.36%, it was an a noticeable improvement over the -3.36% experienced in Q2 2016 and a continuation of the turnaround of the sector.

Solid minerals which remained a priority of the Administration also continued to grow and in Q2 2016 by 2.24%.

Generally, industry as a whole grew by 1.45% in Q2 2017 after nine successive quarters of contraction starting in Q4 2014.

“This positive development was somewhat overshadowed by the continued decline in the services sector which accounts for 53.7% of GDP. Nevertheless, electricity and gas as well as financial institutions grew by 35.5% and 11.78% respectively in Q2 2017.

“The GDP figures give grounds for cautious optimism especially as inflation has continued to fall from 18.72% in January 2017 to 16.05% in July 2017.

“Foreign exchange reserves have similarly improved from a low of $24.53 in September 2016 to about $31 billion in August 2017.’’

“In the same vein capital importation grew by 95% year-on-year driven by portfolio and other investments but also notably by foreign direct investment which increased by almost 30% over the previous quarter.

“Foreign trade has also contributed to improving economic conditions with exports amounting to N3.1 trillion in Q2 2017 while imports which increased by 13.5% amounted to N2.5 trillion in the same period. The overall trade balance thus remained positive at N0.60 trillion.’’

The analysis shows that unemployment remained relatively high but job creation was expected to improve as businesses and employers increasingly respond more positively to the significantly improving business environment and favourable economic outlook.

“Besides, as key sectoral reforms in both oil and non-oil sectors gain traction, the successful implementation of ERGP initiatives such as N-Power and the social housing scheme will boost job creation.

“Food inflation also bears watching as it has remained quite high and volatile due mostly to high transport costs and seasonal factors such as the planting season.

“Investments in road and rail infrastructures, increased supply and availability of fertilizers and improvements in the business environment should contribute to the easing of food prices.’’

Dipeolu said that the end of the recession was welcomed but economic growth remained fragile and vulnerable to exogenous shocks or policy slippages.

 

 

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Previous Article

Despite recession, Nigerians Spend over N136.5bn on ...

Next Article

Economic Crunch: Denmark to Abolish Vessel Registration ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • News

    IMF, University of Oxford Launch “PortWatch”

    Nov 16, 2023
    By Editor
  • Maritime InfoNews

    IMO Issues Warning On GPS

    Apr 6, 2019
    By Editor
  • FactFeaturedMaritime InfoNewsPhoto Gallery

    Captured Seafarers Languish In Captivity without Ransom

    Nov 1, 2016
    By Editor
  • News

    Nigeria’s Blue Economy Minister to Address IMO

    Nov 27, 2023
    By Editor
  • News

    Unlocking Maritime Potentials

    May 7, 2014
    By Editor
  • News

    “PSTT Has Power To Arrest, Sanction Defaulting Operators”-Fadipe

    Jun 3, 2023
    By Editor

Leave a Reply Cancel reply

  • FeaturedNews

    “We Have Secured Gulf of Guinea”-Dakuku

  • News

    NO Funds for PMB-Fashola

  • News

    Nigeria Set to Host International Maritime Summit

Looking For Something?

Read From

  • Agriculture
  • Customs Operations
  • Fact
  • Featured
  • Interviews
  • Maritime Info
  • News
  • One Question
  • Photo Gallery
  • Profiles
  • sports

Just In

News

FG Commits To Enhance NSC Regulatory Capacity

Secretary to the Government of the Federation (SGF), Senator George Akume, has pledged the support of the Federal government to address and ensure that modern, the Nigerian Shippers’ Council, NSC, ...
  • NPA, Dangote Agree On Port Expansion, Export Promotion

    By Editor
    May 27, 2025
  • AfCFTA: Nigeria Launches Air Cargo Route To Boost Exports

    By Editor
    May 26, 2025
  • Canada Commends Nigeria On Anti Smuggling Efforts

    By Editor
    May 25, 2025
  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

    By Editor
    May 25, 2025
  • Home
  • About Us
  • Contact Us
© 2013 Maritime Nigeria | All Rights Reserved