Nigeria officially out of recession, Presidency reacts

The National Bureau of Statistics (NBS) said Nigeria has exited its worst economic recession in more than two decades, 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, manufacturing and trade sectors of the economy.

According to Laolu Akande, spokesperson to Vice President Yemi Osinbajo, the Buhari administration welcomes news of Nigeria’s exit from recession with “cautious optimism and will continue to drive Nigeria’s economic growth by vigorously implementing the Economic Recovery & Growth Plan launched earlier this year by President Muhammadu Buhari.”