Do you agree that Nigeria is out of recession?

Nigeria is out of recession, the official Quarter 2 GDP report by the National Bureau of Statistics (NBS) has said.

“In the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.

This growth is 2.04% higher than the rate recorded in the corresponding quarter of 2016 ( –1.49%) and higher by 1.46% points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%). Quarter on quarter, real GDP growth was 3.23%.

During the quarter, aggregate GDP stood at N26,986,005.20million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60%,” the NBS report said.

Get the full report HERE.

Get this and more in your mailbox. Enter your email address:

Do you ever witness anything interesting or exciting? Just take out your phone and send us the exclusive pictures or video and we will pay you cash. E-mail to ew@ontvsite.com. Please include location, date, involved persons or why it is important and other details.

Leave a Reply