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Published On: Fri, Sep 8th, 2017

Nigeria’s Economy Resurges To Growth, Says NBS

At long last, Nigeria’s economy emerged from recession in the months spanning April to June, expanding 0.55 percent year-on-year, according to Nigeria Bureau of Statistics (NBS). Economist have however expressed concern over the recover being sluggish.
The Nigerian economy, which ceded its top position to South Africa due to exchange rate plunge, shrank by 1.5 percent in 2016 for its first annual contraction in 25 years. It also declined in the first quarter of 2017, due to lower revenues from crude oil, its principal export and a shortage of hard currency.
Militant activities on oil facilities saw crude production slump last year impacting heavily on the country’s economy.
Production, however bounced back in the second quarter to 1.84 million barrels per day, the NBS said on its Twitter account, after the government engaged in negotiations to address communities’ grievances in its crude-producing heartlands in the Niger Delta.
But that recovery failed to drive a strong rebound in overall economic growth.
“This is not at all a robust GDP print, it still falls far short of the growth rates the Nigerian economy should be achieving,” said Razia Khan, chief economist for Africa at Standard Chartered.
“While improved oil production has driven some of the recovery, the output numbers provided by the National Bureau of Statistics suggest that further upside from this source might be limited.”

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