NIGERIA NOW OUT OF RECESSION, (DR. YEMI KALE)NBS DECLARES

Emmanuel Ukudolo l Tuesday, September 05, 2017

IKEJA, Lagos – Nigeria is now out of recession, the National Bureau of Statistics, NBS has said. Statistician General of Nigeria, Dr. Yemi Kale made the revelation in his quarterly review of the Nigerian economy.

According to him, national Gross Domestic Product, GDP grew by 0.55 percent year on year in real terms, indicating emergency of the Nigerian economy from recession after five consecutive quarters of contraction since Q1 2016.

“This growth is 2.04 percent higher than the rate recorded in the corresponding quarter of 2016 (-1.46 %) and higher than 1.46 % points from rate recorded in the preceeding quarter(revised to -0.91 % from -0.52 %)”, he said.

According to him, Quarter on Quarter real growth was 2.23 percent. He added that during the quarter, aggregate GDP stood at N26, 986, 005.20 million in normal terms compared to N23, 547, 466.91 in Q 2 2016, resulting in normal GDP growth of 14.60 percent

“This growth was higher relative to growth recorded in Q 2 2016 (3.01 %)”, he said adding that during the period, oil production averaged 1.84 million barrels per day, (mbpd) 0.15 million barrels higher than the daily average production in first quarter.

He said that real growth in the oil sector was 1.46 % in Q 2 2017, with incline of 13.26 % and that oil sector contributed 8.89 % in Q 2, 2017 up from 8.79 % and 8.53 % respectively.

Growth in non-oil sector was championed by agriculture (crop production) finance and insurance, electricity, gas, steam and air conditioning supply and other services.

He said that growth in Arts and Entertainment and recreation sector was 5.27 percent in second quarter, representing a decline -5.67 relative to thesame period a year earlier.