The National Bureau of Statistics (NBS) has declared that Nigeria is officially out recession according to the 2nd quarter (Q2) 2017 Gross Domestic Product figures. This news was announced by the Head of the NBS, Dr Yemi Kale.
According to the figures from the NBS showed that Nigeria’s Gross Domestic Product (GDP) grew by 0.55% compared to -0.91 percent recorded in the first quarter of 2017 and -1.49% in the second quarter of 2016.
NBS publishes Q2 2017 GDP. Nigeria out of recession: GDP grows 0.55% in Q2 2017 compared to -0.91% (revised)in Q1 2017 & -1.49% in Q2 2016 pic.twitter.com/OLr8ra4Akc
— Dr Yemi Kale (@sgyemikale) September 5, 2017
Pres @MBuhari, in his New Year's Day 2017 Speech. Today @nigerianstat released data showing #Nigeria is now officially out of the recession. https://t.co/alJWlxOWVT
— Presidency Nigeria (@NGRPresident) September 5, 2017
The NBS in August 2016 officially confirmed that Nigeria had gone into a recession following the release of statistics for the second quarter of 2016 which showed that the GDP declined by -2.06%.
This is good news for Nigeria. However, with the high employment rate, low per capita income and huge population growth, there still so much to be done to improve the lives of Nigerians.
