Nigeria’s GDP Contracts By -0.52% In First Quarter Of 2017

Nigeria’s Gross Domestic Product (GDP) has contracted by – 0.52 per cent in the first quarter of 2017.

This was revealed on Tuesday in a report from the National Bureau of Statistics.

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The data which is 0.15 per cent higher than the rate recorded in the corresponding quarter of 2016, represents the fifth consecutive quarter of contraction.

The Statistician-General of the Federation, Dr Yemi Kale, however, said this is but the best performance in four quarters.

Aggregate GDP was put at 26.02 trillion Naira, leading to a nominal GDP growth of 17.06 per cent.

Oil GDP contracted by -11.64 per cent, while non-oil GDP grew by 0.72 per cent, its best performance in four quarters.

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Nigeria will remain on the board of EITI and ownership transparency train because they align with our national priorities. He also advised against, hidden ownership and underhand business practices, which He said will erode profitability and shareholders value. Masked or hidden corporate ownership is deeply implicated in the sad story of our underdevelopment. Because secrecy provides a convenient cover for the criminal and the corrupt. It is important to underscore the fact that opacity in one section of the globe undermines openness in the other. To Receive Alerts for more news; sign up now and make your comments @: iykerom.blogspot.com Whatsapp: +2347084045060 For Sponsored Advert Share your story with us: SMS: +2349066092265 Or Email Us: allegiance.gc@gmail.com

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