Africa’s Two Largest Economies Come out of Recession

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Owing to an encouraging growth during the last quarter, the largest African economies, South Africa and Nigeria have broken the shackles of recession. There has been 2.5% economic expansion, show the figures released by Statistics South Africa. This is big news for African Businesses.

The recent growth forces the eradication of the recession and contraction during the last twoquarters. 2.5% has been the highest growth rate reflecting bright future of agriculture, fishing and forestry. Field crops and horticultural products contributed a lot to realize such a significant growth.

Nigeria’s marginal growth has been outstanding with an expansion of 0.55% during the second quarter. The Nigerian government is optimistic after getting rid of the recession. The government officials stated that Nigerian President, Mohammadu Buhari’s Economic Recovery & Growth Plan (ERGP) will continue to drive even better results in the future.

Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande remarked that the plans have worked well for the economy of the country and now is the time for the eye on the sustainability of the oil production. The sustainability was ensured by the security measures across the Niger Delta.

NPS statistics for the second quarter of 2017 revealed a percentage growth of 0.55 as compared to a negative growth 0.91 in the first quarter and a -1.49 % of the second quarter in the year 2016. The present growth brings a great news as the country gets rid of the recession which lasted for consecutive 5 quarters. According to the government officials, the growth is because of the improvement in both, oil as well as no-oil sectors.

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