The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Headline News

Nigeria out of recession, according to NBS statistics

Next Edition by Next Edition
September 5, 2017
in Headline News
Nigeria out of recession, according to NBS statistics
0
SHARES
13
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Data released by the National Bureau of Statistics, NBS, has shown that the Nigerian economy has officially come out of recession.

According to the data, the nation’s economy recorded a marginal 0.55 per cent growth in the second quarter (Q2) of 2017 after recording negative growth for five consecutive quarters, following multiple shocks, due to the crash in the price of crude oil, the country’s main foreign exchange earner.

You might also like

APC Reinstates Kebbi Gov’s Aide Suspended For Bringing Snake To Gov’t House 

Udeme Ufot to chair QEDNGCreative Powerhouse Summit

”You Are Not Just Planting Trees, You’re Planting Blessings,” Dr. Majekodunmi Lauds OMTI

The report says 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, which was revised to – 0.91% from – 0.52% due to revisions to crude output for March 2017.

The report shows that the economic recovery of the country resulted from the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

In the report, Oil GDP recovered significantly from -11.63 per cent in Q2 2016 and -15.40 per cent in Q1 2017 to 1.64 per cent in Q2 2017.

Oil GDP expanded considerably in the second quarter of 2017, while Non-oil GDP only grew at 0.45 per cent, down from 0.72 per cent in the preceding quarter and -0.38 in the corresponding period in 2016.

The growth in agriculture has continued to be great.

The report said the growth in agriculture has been consistent even throughout the recession period.

It has grown by 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017 and 4.53 per cent in Q2 2016.

There is also growth in the manufacturing sector.

Trade, which has a dominant share of GDP however declined at -1.62 per cent, but the contraction in the sector decelerated from the -3.08 per cent recorded in Q1 2017 while electricity and gas recorded strong growth by 35.5 per cent, compared to -5.04 per cent in Q1 2017 and -10.46 per cent in Q2 2016.

Financial institutions also improved, growing by 11.78 per cent in Q2 2017, compared to 0.60 per cent in Q1 2017 and -13.24 per cent in Q2 2016 while the industry sector grew positively by 1.45 per cent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014.

Tags: accordingheadlinenbsNEXT EDITIONNIgeriaNigerian newspaperoutrecessionstatistics
Next Edition

Next Edition

Recommended For You

APC Reinstates Kebbi Gov’s Aide Suspended For Bringing Snake To Gov’t House 

APC Reinstates Kebbi Gov’s Aide Suspended For Bringing Snake To Gov’t House 

    The All Progressives Congress (APC), Kebbi chapter has announced the reinstatement of Alhaji Kabir Sani-Giant, Special Adviser to Gov. Nasir Idris on Power and Politics.  ...

Udeme Ufot to chair QEDNGCreative Powerhouse Summit

Udeme Ufot to chair QEDNGCreative Powerhouse Summit

  Mighty Media Plus Network Limited, publishers of the online newspaper QEDNG, has announced Udeme Ufot as Chairman of the inaugural QEDNG Creative Powerhouse Summit.   Ufot is...

”You Are Not Just Planting Trees, You’re Planting Blessings,” Dr. Majekodunmi Lauds OMTI

”You Are Not Just Planting Trees, You’re Planting Blessings,” Dr. Majekodunmi Lauds OMTI

    July 3rd, 2025, as the thick clouds had gathered over the coastal city of Lagos and the heavens opened the floodgates for a wet rainy day,...

Senator Natasha Akpoti’s Macabre Dance in Brekete Family Radio

Natasha To Resume Senate Duty On Tuesday After Court Ruling

  The suspended senator representing Kogi Central, Natasha Akpoti-Uduaghan, has stated that she will resume legislative duties in the Senate on Tuesday following a court order directing her...

Next Post
Senate welcomes improvement in nation’s economy

Senate welcomes improvement in nation’s economy




Related News

49 escape death as Dana plane overshoots runway

49 escape death as Dana plane overshoots runway

Erica Wins Head Of House, Picks Prince As Deputy

Ex-BBNaija Housemate, Erica Signs New Management Deal (Video)

SPORTS FLAKES: THERE PERFORMANCE ENHANCING SEX PEX

SPORTS FLAKES: THERE’S PERFORMANCE ENHANCING SEX [PEX]




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
advert@nextedition.com.ng
vicki.ibanga@gmail.com

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited