World's most populous black nation, Nigeria is officially out of recession, results released on Wednesday morning , September 5 by the National Bureau of Statistics (NBS) has confirmed.

The Nigerian economy rallied back into growth after suffering contraction for five consecutive quarters, with the results of the NBS showing that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, effectively removing Nigeria out of recession.

The NBS result shows that the Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.

Nigeria's economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade, the NBS results stated.

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