A Senior Advocate of Nigeria (SAN) and former president of the Nigeria Bar Association (NBA) Mr. Olisa Agbakoba, has stated that with the no-clear economic policy of the present government, Nigeria is no more in recession, but in depression.
“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.
Agbakoba, who although hailed President Muhammadu Buhari’s effort at curbing corruption in the country and degrading the strength of Boko Haram terrorists to carry out attacks on the people. But, he scored the president below average because his government seems not to have clear-cut economic solutions to the present hardship in the country, at the a press held yesterday.