Nigeria is finally out of recession as data on the country’s Gross Domestic Product released on Monday by the National Bureau of Statistics (NBS) shows that the economy grew at 0.55 per cent in the second quarter of 2017. This is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 and higher by 1.46 per cent points from rate recorded in the preceding quarter.
The statistics office attributes the economic recovery to the performance of four main economic activities comprising oil, agriculture, manufacturing, and trade.
Oil GDP recovered significantly from -11.63 per cent in Q2 2016 to 1.64 per cent in Q2 2017, while Non-oil GDP grew marginally at 0.45 per cent.
Agriculture grew 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017.
Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 percent, while trade which has a dominant share of GDP remained negative at -1.62 per cent.
Electricity and gas and financial institutions sectors also recorded strong growths OF 35.5 per cent.
Financial institutions saw an 11.78 per cent jump in Q2 2017, compared to 0.60 per cent in Q1 2017 and -13.24 per cent in Q2 2016. The industry sector grew positively by 1.45 per cent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014.
The NBS had in August 2016, officially indicated that Nigeria’s economy was in recession after negative GDP growths in consecutive quarters.
News of the rebounding economy has excited the Presidency which recalled President Buhari’s new year message where he expressed optimism that “on our efforts to turn around the economy, fight corruption, and diversify from oil & gas, I am encouraged that we are getting things right.”
