Nigeria has finally pulled out of economic recession after two years of market disarray in Africa’s most populous nation and largest economy, the National Bureau of Statistics (NBS) said on Tuesday.
In its second quarter of 2017 report, NBS said the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.
This growth is 2.04% higher than the rate recorded in the corresponding quarter of 2016 (–1.49%) and higher by 1.46% points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%).
The report further noted that quarter on quarter, real GDP growth was 3.23%.
During the quarter, aggregate GDP stood at N26,986,005.20 million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60%.
