The Nigerian National Bureau of Statistics has confirmed that the country is finally out of recession with a positive growth in its Gross Domestic Product (GDP).
The confirmation was made by Dr Yemi Kale, the statistician-general of the federation, in the morning of Tuesday, September 5, 2017.
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In a terse post, Dr Kale said: “To avoid unhealthy speculation in the market, the Q2 2017 GDP report earlier scheduled for release at 10am will be published in five minutes.”
Though Kale did not give a detailed breakdown of the development, Bloomberg had earlier reported that Nigeria, like South Africa, was coming out of recession.
The report quoted Yvonne Mhango, an economist at Renaissance Capital, as saying the economic growth in Nigeria will return to positive territory in the second quarter, “on the back of a recovery in oil production, solid agriculture growth and an improvement in foreign-currency liquidity.
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“We expect the recovery and growth to be fragile.”
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