It's Paul Olarewaju's Blog Again!!!: Finally, Nigeria Exits Recession!

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Tuesday, 5 September 2017

Finally, Nigeria Exits Recession!

Well, on paper we have, but we can't wait to exit the much dreaded recession in the 'real sense of it'.

The Nigerian economy has finally exited the recession, as data on the country’s gross domestic product (GDP) growth rate grew at 0.55 per cent in the second quarter (Q2) of 2017.

The National Bureau of Statistics (NBS) stated this in its Q2 2017 GDP results.

The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.

According to the preliminary results for the second quarter of the year, Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

The results revealed that Oil GDP recovered significantly from -11.63 per cent in Q2 2016 and -15.40 per cent in Q1 2017 to 1.64 per cent in Q2 2017.

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