The Nigerian Bureau of Statistics has on Tuesday announced that Nigerian economy is out of recession. It had earlier declared recession in August 2016.
According to the National Bureau of Statistics, the Nations Gross Domestic Product (GDP) in the second quarter of 2017 had grew by 0.55% which represents a positive growth since the five consecutive quarters of contraction since Q1 2016.
The 0.55% is 2.04% higher than the rate recorded in the corresponding quarter of 2016 which contracted by -1.46%. The real GDP growth was 3.23% Quarter to Quarter, says the NBS.
Aggregate GDP stood at N26,986,005.20 million in nominal terms compared to N23,547,466.91 million in Q2 2016 and a nominal growth of 14.60%.
The Nigerian economy slump into recession after it contracted for two consecutive quarters in 2016.
In January 2017, the Vice-Chancellor of Samuel Adegboyega University, Edo State, Ben Aigbokhan, had expressed optimism that Nigeria will be out of recession by the third quarter of the year. Aigbokhan, who is also the President of Nigerian Economic Society, was reported as saying
“If we want to be honest with ourselves, what affected the economy was the drop in oil price; when we didn’t have foreign reserve to back the Naira, it collapsed. We don’t have foreign reserve to import things to make prices rise. The price of oil is picking up at the international market and the country’s oil production is also picking up. The production is beginning to pick up because pipeline vandalism in Niger Delta has been addressed…By the time the economy has been nose diving in a recession for first and second quarter, at most by the third quarter, they should be doing something that will bring the economy out.”