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Nigeria scrapes out of recession

The Nigerian economy finally notched positive growth in the second quarter of 2017 after 5 consecutive quarters of contractions. The country’s growth domestic products (GDP) expanded just 0.55% with a quarter-on-quarter growth of 3.23% to mark the end of its worst recession in 25 years.

Experts pin the recent growth on the recovery in the oil sector, which expanded by 1.6% year-on-year. Other sectors such as agriculture have also rebounded with 3% growth over the same period, but contributes to 23% of the GDP.

The news comes as a relief to the country’s government who will hope that the emergence from recession will lead to increased optimism, investments, and more jobs in Africa’s once largest economy.

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