Nigeria, finally out of recession – NBS


The National Bureau of Statistics (NBS) said Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017.

In its report released on Tuesday, the data showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.

It said since the first quarter of 2016, the Nigerian economy had contracted for five consecutive quarters.

According to the report, Nigeria slipped into recession for the first time in more than two decades in August 2016.

Nigeria, which depends on oil sector for 70 per cent of state revenues and 90 per cent of export earnings, has been battered by lower oil prices since mid-2014, which have slashed government revenues, weakened the currency and caused dollar shortages, frustrating business and households.

The nation’s economic woes were exacerbated by militant attacks on key oil infrastructure in the restive Niger delta, slashing output.

Nigeria’s oil output has ramped up to an average of two million barrels per day from a low of 1.3 million in 2016 following government peace talks with the oil rebels.