Expert Calls For Policy Framework On GDP Growth

An economist, Dr Aminu
Usman, has advised the Federal Government to evolve a policy framework to address the negative Gross Domestic Product (GDP) growth of the economy.
Usman, a lecturer in the Department of Economics, Kaduna State University, gave the advice in an interview with newsmen in Abuja on Saturday.
The don, while reacting to the Nigerian GDP Report for Ist quarter of 2016 recently released by the National Bureau of Statistics (NBS), said that the economy needed urgent attention.
According to the report, GDP slowed by -0.36 per cent year-on-year in real terms in the first quarter of 2016.
The Bureau said that the GDP was lower by 2.47 per cent points from the growth recorded in the preceding quarter.
It said it was also lower by 4.32 per cent points from growth recorded in the corresponding quarter of 2015.
The don, however, said that the economy, which is going through recession, would be moving toward depression if appropriate actions were not taken to address the economic crisis.
The report said that quarter on quarter, real GDP slowed by 13.71 per cent during the quarter, while aggregate GDP stood at N22,262,575.97 million (in nominal terms) at basic prices.
“Compared to the First Quarter 2015 value of N21, 041,701. 10 million, nominal GDP was 5.80 per cent higher.
“Nominal GDP growth was, however, lower relative to levels recorded in 4th quarter of 2015 by 14.15 per cent points,’’ it said.