Nigeria officially out of recessionStaff Writer | September 6, 2017
Nigeria has officially exited recession as the economy grew by 0.55 percent in the second quarter of the year, the National Bureau of Statistics said.
Africa GDP grew by 0.55%
"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%," it added.
The economy plunged into its worst economic recession in the second quarter of 2016 after two consecutive contractions.
The economy contracted in the first quarter by -0.67 percent, followed by -1.49 percent in the second quarter, according to official data. ■