Nigeria’s economy was officially declared to be in recession in August 2016 after negative growth in the first two quarters of the year.
According to data released by the National Bureau of Statistics (NBS), Nigeria witnessed a 2.06 per cent decline in the second quarter of 2016 after the 0.36 per cent fall in the first quarter. The two consecutive quarters of deteriorating growth clearly pointed at a recession.
This has been followed by a harsh economic situation across the country, as Nigerians struggle hard to cope. The recession has seen businesses folded up, companies have had downsize to their staff strength, leading to job loss; Nigerians have resorted to making changes to their pre-recession lifestyle by cutting down on spending, in order to wriggle their ways out of the disturbing and biting economic conditions that have left many homes struggling to meet up with financial obligations
The NBS data further revealed that the recession has thrown a number of industries off-balance, as they recorded low performance within few months of experiencing recession. From energy to housing; maritime to banking; insurance to manufacturing and textiles to service industries, there is huge economic crisis.
While some industries are feeling the hard-hit of the recession, business is still going on smoothly for some others, as they are still waxing strong.
Here 7 industries in Nigeria that have defied recession: