Nigeria, Africa’s largest economy is officially out of recession.
Data released by the National Bureau of Statistics (NBS), on Tuesday showed that the country’s Gross Domestic Product posted a 0.55 percent growth in Q2 2017.
The latest growth higher 2.02 percent over 2Q of 2016 and higher by 1.46 per cent points from rate recorded in the preceding quarter.
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According to the report, Oil, gas, Agriculture, Trade drove the 2Q GDP growth.
Oil GDP recovered strongly from -11.63 per cent in Q2 2016 to 1.64 per cent in Q2 2017, while non-oil GDP grew marginally 0.45 percent in 2Q.
Agriculture GDP grew 3.01 percent, up from 3.39 percent in 1Q.
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.
Electricity and gas up 35.5 percent in 2Q.
Financial institution and industrial sector post 11.78 percent and 1.45 percent GDP growth respectively in 2Q.