Nigeria’s Economy Shows Recovery in Second Quarter

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Nigeria’s economy grew out of recession in the second quarter of 2017, expanding 0.55 percent year-on-year, the National Bureau of  Statistics said on Tuesday, 5 September.

The statistics office also said, during the quarter, aggregate GDP stood at N26,986,005.20million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60 percent.

Africa’s largest economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years. It also declined in the first quarter of this year, due to lower oil revenues and a shortage of hard currency.

Nigeria’s economy had contracted 2.06 percent in the same quarter of 2016.

The data released by National Bureau of Statistics indicates that the West African nation is beginning to get back onto the path of growth, after more than two years of economic stagnation.

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