NBS confirms Nigeria is finally out of recession

The National Bureau of Statistics, NBS, on Tuesday said Nigeria economy is now out of recession as Gross Domestic Product, GDP, returned to positive growth.

NBS disclosed that the nation’s GDP grew by 0.55 per cent in real terms in the second quarter of 2017.

According to NBS, Nigeria’s GDP shrank by 0.52 per cent, year-on-year, in real terms in the first quarter of 2017, representing the fifth consecutive quarter of contraction since the first quarter of 2016.

In a statement on its website, NBS said, “In the second quarter of 2017, 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%). Quarter on quarter, real GDP growth was 3.23%.

“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%.”