The National Bureau of Statistics released its 2016 First Quarter GDP results revealing a negative GDP growth rate of -3%.
It was Nigeria’s negative GDP growth rate since 1995. Nearly all sectors recorded negative GDP growth rates while some remained in a deep recession.
Despite the gloomy numbers, the Arts, Entertainment and Recreation
sector recorded a year on year GDP growth rate 8.41 %, which
was lower than the rate recorded in Q1 2015 by 9.78% points, and higher by 1.87 % points when compared with
that of the preceding quarter.
Quarter on quarter, growth increased by 24.06% in real terms. Arts, Entertainment and
Recreation contributed 0.26% to real GDP in Q1 2016, higher from 0.24% recorded one year previous and 0.18% recorded in Q4 2015.
This is quite remarkable considering how dire the economy has been in the last one year. The report suggest Nigerians still spend some of their disposable income in activities that make them happier and fitter. Nigerians are known for partying and celebrating whenever there is an opportunity.
Cinemas, arcades, Gyms, beaches, parks, bars etc. have all witnessed increased patronage by Nigerians as they seek out avenues to relieve stress. This is probably the reason for growth in these sectors.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.