Nigeria’s economy emerges from recession in second quarter, stats office says

The President of the Federal Republic of Nigeria, Muhammadu Buhari

ABUJA (Reuters) – Nigeria’s economy grew out of recession in the second quarter of 2017, expanding 0.55 percent year-on-year, the statistics office said on Tuesday.

Africa’s largest economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years. It also declined in the first quarter of this year, due to lower oil revenues and a shortage of hard currency.

Nigeria’s economy had contracted 2.06 percent in the same quarter of 2016.