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

FINANCIAL WATCH reported earlier Latest survey by Bloomberg which suggest that top Africa’s economy – Nigeria and South Africa who has been battling with dwindling economy may be on her way out of recession. According to the survey, Nigeria’s GDP likely grew 1.6 per cent from a year earlier after contracting for five straight quarters.

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.

According to the preliminary results for the second quarter of the year, Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

The results revealed that Oil GDP recovered significantly from -11.63 per cent in Q2 2016 and -15.40 per cent in Q1 2017 to 1.64 per cent in Q2 2017.

But while Oil GDP expanded considerably in the second quarter of 2017, Non-oil GDP only grew at 0.45 per cent, down from 0.72 per cent in the preceding quarter and -0.38 in the corresponding period in 2016.

It also showed that agriculture continued its strong and positive growth, which it had maintained throughout the recession, growing by 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017 and 4.53 per cent in Q2 2016.

Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 per cent compared to 1.36 per cent in Q1 2017 and -3.36 per cent in Q2 2016, while trade which has a dominant share of GDP remained negative at -1.62 per cent, but the contraction in the sector decelerated from the -3.08 per cent recorded in Q1 2017.

Furthermore, electricity and gas and financial institutions sectors also recorded strong growths, with electricity and gas growing by 35.5 per cent, compared to -5.04 per cent in Q1 2017 and -10.46 per cent in Q2 2016 and financial institutions growing by 11.78 per cent in Q2 2017, compared to 0.60 per cent in Q1 2017 and -13.24 per cent in Q2 2016.

The results also showed that the industry sector grew positively by 1.45 per cent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014.

As a percentage of GDP, services retained the giant share of GDP at 53.73 per cent in Q2 2017, down by 1.94 per cent points (55.67 per cent) from the first quarter of 2017 and 54.80 per cent in Q2 2016; industries accounted for 23.31 per cent of GDP, compared to 22.90 recorded in Q1 2017 and 22.65 per cent in Q1 2016; while agriculture accounted for 22.97 per cent of GDP in the quarter under review, compared to 21.43 per cent in Q1 2017 and 22.55 per cent in Q2 2016.

https://www.financialwatchngr.com/2017/09/05/breaking-nigeria-officially-exits-recession-gdp-grew-0-55-q2/

Mynd44, Lalasticlala, Seun

If you believe that Nigeria is outta recession, click share, still in recession click like. I don't believe ni..... Hungry everywhere

Does this translate to all or a greater percentage of people who lost their jobs gaining it back?? Does this translate to prices of comodites in the market dropping drastically?? Does this translate to improved standard of living for the Nigerian populace?? Does this translate to businesses bouncing back?? If no, then those things are mere figures that are not in tandem with reality

clarocuzioo:
Does this translate to all or a greater percentage of people who lost their jobs gaining it back?? Does this translate to prices of comodites in the market dropping drastically?? Does this translate to improved standard of living for the Nigerian populace?? Does this transmission to businesses bouncing back?? If no, then those things are mere figures that are not in tandem with reality

Don't mind the government, let them keep manipulating the figures and keep on deceiving the masses

Nice news. Once the economic variables stabilize,it will start reflecting in the lives of the people. Although it will take time but we are getting there.

thy shld send me d data lemme calculate d trend myself myself.... then I'll believe dem

GavelSlam:


It is obvious you don't know what recession is.

You've only been using the term because your neighbour used it.

At least I know it from Aunty Kemi's definition, "recession is just a word"", is that not right??

GavelSlam:


Go to school.

Please send me

GavelSlam:


Don't tell me the 68 in your moniker is the year you were born Godswill.

And who is behind this moniker?

GavelSlam:


I am not qualified to train the handicapped.

Then why are you disturbing the handicapped when you know you are not qualified to train them, is than not a proper definition of lunacy??

Big fat lie.

positive news at last.. Hope 2019 election campaign won't affect this breath relief trend.. . Mind you Buhari inherited a GDP of $563 billion ..presently we are $411 billion, so he still has a long way to go, before he can take us to the point he met us. .. Not even talking of surpassing $600 billion GDP mark.. .

Take a look at GDP GEJ he inherited and what he left for Buhari ... Mind you as at handover 2015 Q2 it was $563

Story! Fuel is still 145.
Rice nko? Abegi!

What is the price of a bag of rice at Ochanja or Oshodi markets?

Why are they bandying figures around when the common man's way of assessing the economic situation depends on how much he buys essential commodities.

This government is the worst ever in the history of Nigeria.

Nonsense useless government

smartty68:
If you believe that Nigeria is outta recession, click share, still in recession click like. I don't believe ni..... Hungry everywhere

Until e reach my pocket or those close to me..recession de like ASUU de on strike.

Lamba

Hmmm..Na wa o...Naija we hail thee...
It is well.

I DON'T BELIEVE IT

Exit which recession. Abi FG and it's economic team dey craze? We are rather sinking more into recession. keep those statistics to yourselves. We dey street and we can see.