Nigeria and South Africa Declared to be Out of Recession.

Nigeria and South Africa are declared to be Out of Recession.
ICMS, Inc Reports

Reporting: Tom Okure, PhD.

Map of Nigeria

Africa's two largest economies Nigeria and South Africa are declared to be "Out of Recession." Nigeria and South African together account for about 40% of Africa's total GDP. Nigeria's growth indicators show that the economy has registered successive positive growth over the last five quarters.

According to the Nigerian National Bureau of Statistics, the second quarter of this year (Q2 2017) indicates that the economy grew in Q2 2017 by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.  As a consequence of the continued growth of the economy after five successive quarters of contraction, it is confident to declare that the Nigerian economy has exited recession.

The oil sector and the agricultural sector coupled with foreign exchange stabilization efforts by the central bank of Nigeria are major contributing factors to lifting Nigeria out of the recession.

Map of South Africa

Reacting to the good news today, Aso Rock (The Presidency) stated through a spokesperson to Vice President Yemi Osinbajo ( Laolu Akande) that 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.” The challenge for both Nigeria and South Africa is whether both countries can sustain the registered growth and prevent the countries from falling back into recession due to the very small marginal growth registered by both.

Read more:
Presidency reacts to Nigerian economy being out of recession