The Nigerian economy has been officially declared out of recession after suffering contraction for five consecutive quarters.
Official results from the National Bureau of Statistics (NBS) has shown that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, effectively removing Nigeria out of recession.
The second quarter growth rate of 0.55 per cent year-on-year was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016.
According to the preliminary results, Nigeria’s economic recovery was driven by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.
While Non-oil GDP grew at 0.45 per cent, down from 0.72 per cent in the preceding quarter.