Judging from the responses that came through on Twitter NG, following Dr Yemi Kale’s thread showing the numbers which prove Nigeria is out of recession, more than a few Nigerians are doubting Thomases. Their view is if it cannot be seen in the prices and goods an services and the entire standard of living, we are still mired in a recession.

NBS publishes Q2 2017 GDP. Nigeria out of recession: GDP grows 0.55% in Q2 2017 compared to -0.91% (revised)in Q1 2017 & -1.49% in Q2 2016 pic.twitter.com/OLr8ra4Akc

— Dr Yemi Kale (@sgyemikale) September 5, 2017

Bro, does exiting recession imply food and other consumables prices skyrocketing? I don't understand this people peddling this story.

— Raymond (@JimRaymond12) September 5, 2017

Unfortunately, beyond dishing out numbers, Dr Yemi did not quite explain to inquiring minds why he could say Nigeria is out of recession and everything is still as difficult as before. Thankfully, our favourite Economist and host of Analyse This, Tunji Andrews stepped up.

See below:

I've been side stepping this "We're out of recession" talk all day

But as usual, it's beginning to be twisted for propaganda

So here goes

— Tunji Andrews (@TunjiAndrews) September 5, 2017

While i say congratulations to us all

We must realise that it was more down to crude production & price (which affected other things)

— Tunji Andrews (@TunjiAndrews) September 5, 2017

And no, GDP doesn't have an immediate effect on food prices (that's inflation)

Infant, GDP tries to eliminate factoring change in prices

— Tunji Andrews (@TunjiAndrews) September 5, 2017

It tries to capture ECONOMIC ACTIVITY

i.e How many goods & services sold within a period

Now, With oil at +/-$50, easing dollar crisis

— Tunji Andrews (@TunjiAndrews) September 5, 2017

More firms were able to trade

More goods were imported/manufactured

More of these were bought

With each buy, empowing the next man

— Tunji Andrews (@TunjiAndrews) September 5, 2017

I honestly felt it'll last till Q4

But it just shows how responsive the economy is

A good & bad thing really

Let's just pray oil stays up

— Tunji Andrews (@TunjiAndrews) September 5, 2017

What I'm trying to say is

Let's leave food prices out of GDP discussions

It's the wrong table

Look to that with inflationary components

— Tunji Andrews (@TunjiAndrews) September 5, 2017

I'm sure we recall the Rebasing we did years back?

Yeah, you use same prices of a Base year to multiply Activity

So, again, leave food

— Tunji Andrews (@TunjiAndrews) September 5, 2017

Finally, we all know nothing structurally has changed

Crude falls and we're right back in it

But we live to fight another day

Amandla!!!

— Tunji Andrews (@TunjiAndrews) September 5, 2017

Thanks, teacher.