Nigeria may be said to be officially out of recession, according to data published by the country’s National Bureau of Statistics (NBS) Tuesday.
According to the latest report by the NBS Nigeria’s economy grew 0.55 percent in Q2 2017 compared to -0.91 percent (revised) in Q1 2017 and -1.49 percent in Q2 2016.
Nigeria, the continent’s most populous country, had been in recession since late 2015.
Nigeria has suffered from dollar shortages and falling commodity prices that have affected Africa’s major crude exporters. The crisis has been exacerbated by limits on what citizens can import as authorities try to stop the naira sliding.
During the quarter, aggregate GDP stood at N26,986,005.20 million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60%. This growth was higher relative to growth recorded in Q2 2016 (3.01%). The Nigerian economy can be more clearly understood when classified into oil and non-oil sectors.
The Oil Sector
During the period under review, Oil production is estimated to have averaged at 1.84million barrels per day (mbpd), 0.15million barrels higher than the daily average production recorded in the first quarter of 2017 (June 2017 is estimated and may be revised).
