The National Bureau of Statistics, NBS, New Balance 993 damskie said Nigeria has exited its worst economic recession in more than two decades, Aaron Murray UGA Jersey notching up growth of 0.55 per cent in the second quarter of 2017.
In its report released on Tuesday, the data showed that the economic recovery was driven by improved performance of oil, agriculture, Nike Free 5.0 Men
manufacturing and trade sectors of the economy.
it said that since the first quarter of 2016, Robert Griffin III Baylor Jerseys the Nigerian economy had contracted for five consecutive quarters.
According to the report, Nike Roshe Run Dames zwart
the west African powerhouse slipped into recession for the first time in more than two decades in August 2016.
“In the second quarter of 2017, adidas xeno superstar italia 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,” it said.
Nigeria, Asics Gel lyte 5 Dames which depends on oil sector for 70 per cent of state revenues and 90 per cent of export earnings, has been battered by lower oil prices since mid-2014, which have slashed government revenues, Prince Amukamara weakened the currency and caused dollar shortages, frustrating business and households.
The nation’s economic woes were excerbated by militant attacks on key oil infrastructure in the restive Niger delta, slashing output.
The crisis is heaping pressure on President Muhammadu Buhari, John Jerry who took office in May 2015 on an anti-corruption platform.
His government is also grappling with separatist agitation in the country’s southeast, farmer-herders clashes in the central, Jordan Hydro 5 Boko Haram insurgency in the northeast and kidnappings and militancy in the south.
Analysts said the outlook for more growth looks positive for Nigeria.
“You can see that there have been improved performances in non-oil sectors in the second quarter,” said Bismark Rewane of the Lagos-based Financial Derivatives Company.
“The prospects for more robust growth are bright. I hope the current economic diversification efforts which see efforts being given to agriculture and mining will be sustained,” he said.
He said the nation’s economy would also bouy if ongoing truce with Niger delta militants was intensified.
“If there are no attacks on oil facilities and production is increased and Nigeria earns more money,