Business

Nigeria officially out of the worst recession in 29 years

The Statistician General of the Federation and Director-General of the Nigerian National Bureau of Statistics, NBS, Yemi Kale, this morning announced that Nigeria is out of recession. The economy slid into its worst form of recession in 29 years in August 2016.

According to new facts shared by the NBS DG, the economy grew by 0.55% in GDP terms for Q2 2017 after five consecutive quarters of contractions since Q1 2016. NBS attributes the exit from recession on the economic growth in the oil, agriculture, manufacturing and trade industries.

According to the statistics, Oil GDP recovered significantly from -11.63 per cent in Q2 2016 to 1.64 per cent in Q2 2017, while Non-oil GDP grew marginally at 0.45 per cent. Agriculture grew 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017. Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 percent, while trade which has a dominant share of GDP remained negative at -1.62 per cent.

Yemi Kale, statistician-general, had told Bloomberg in an interview that there was a likelihood that the economy exited recession in June 2017 but he was not sure because all the numbers had not been collated.

“Intuitively, we might be getting out of recession in the second quarter but I can’t say until all the numbers are in.”

“If it doesn’t happen in the second quarter, it will be a much reduced negative and it will definitely happen in the third quarter unless we have a new round of shocks in the later weeks.”

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