Nigeria Now out of Recession

Nigeria is out of recession, the official Quarter 2 GDP report by the National Bureau of Statistics (NBS) has 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%,” the NBS report said.

Get the full report HERE.

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Remie is a Publicist, Brand Promoter, Social Media Blogger and Influencer, Analyst and Editor-in-Chief at aderemisblog.com.ng.

E-mail him at olumide@aderemisblog.com.ng

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