Statistics from the National Bureau of Statistics (NBS), says Nigeria is finally out of the worst recession to have hit the country in 29 years.
According to data released on Tuesday by NBA, Africa’s largest economy grew by 0.55 percent in GDP terms for the second quarter of 2017.
On Monday, the NBS had released a report stating that the economy recorded a positive growth after five consecutive quarters of contractions since the first quarter of 2016.
The statistics office said that the 0.55% growth recorded is 2.04% higher than the rate recorded in the corresponding quarter of 2016 where a contraction of -1.49% was recorded. Quarter-on-quarter, real GDP growth was 3.23%.
The economic recovery has been attributed to the performance of four key economic activities : oil, agriculture, manufacturing and trade. The oil sector was estimated to have averaged at 1.84 million barrels per day, which is 0.15 million barrels higher than the daily average production recorded in the first quarter of June.
The non-oil sector, which was driven by Agriculture, finance & insurance, electricity, gas, steam and airconditioning supply and other services grew by 0.45% in real terms.
This is 0.83% higher than the rate recorded in second quarter 2016 and -0.28% lower than the rate recorded in first quarter of 2017.
In an interview with Bloomberg, Nigeria’s Statistician General, Yemi Kale had told Bloomberg in an interview that there was a possibility that the economy exited recession in June 2017 but he was not sure because all the numbers had not been collated.
“Intutively, we might be getting out of recession in the second quarter but I can’t say until all the numbers are in.”
“If it doesn’t happen in the second quarter, it will be a much reduced negative and it will definitely happen in the third quarter unless we have a new round of shocks in the later weeks.”