News Worms
News Worms

Recession : Nigeria emerges out of economic gloom, here are the figures

Recession : Nigeria emerges out of economic gloom, here are the figures

Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 percent in the second quarter of 2017, the National Bureau of Statistics (NBS) said yesterday. Quarter on quarter, real GDP growth was 3.23 percent.

This showed a 0.83% increase when juxtaposed with the rate recorded in second quarter 2016 and -0.28% lower than the rate recorded in first quarter of 2017.

"Oil production during the quarter was higher by 0.03 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.81mbpd", the report said.

This indicates the emergence of the economy from recession.

Its spokesman, Senator Aliyu Sabi Abdullahi released a statement, commending the reported improved performance of the trade, manufacturing, agriculture and oil sectors.

Nigeria, which depends on oil for 70 percent of state revenues and 90 percent of export earnings, has been battered by lower crude prices since mid-2014.

After two consecutive quarters of decline, the South African economy spluttered back to life in the second quarter, lifting the country out of a technical recession. Meanwhile, the growth was forecast to moderate to 0.5 percent.

"The growth is not what planners and decision makers would like to see", he said.

"It still falls far short of the growth rates the Nigerian economy should be achieving", economist Razia Khan told the Reuters news agency.

Damilola Ehinmitan, a banker, said that the naira to dollar exchange remained high at 305 in the interbank market and between 360 and 365 at the parallel market saying that did not reflect economic growth.

This is after Africa's most developed economy contracted by 0.7% in the first quarter after shrinking by 0.3% in the fourth quarter of previous year.

Agriculture grew 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017.

Issoufou said he was in Nigeria to visit and to discuss some bilateral and regional issues with President Buhari, some of which included the fight against Boko Haram, the economic challenges in the Lake Chad Basin and other developmental concerns that directly affect the livelihood of the citizens of both countries.

Nigeria had been in recession since past year, with five quarters of negative growth.


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