Nigeria is officially out of recession, the National Bureau of Statistics (NBS) has shown.
Results released early on Tuesday, by the NBS showed that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, removing Nigeria out of recession.
The Nigerian economy slide into a recession that lasted at least five quarters.
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.
This 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 indicated.
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