Bloomberg Survey: Nigerian Economy Likely Out Of Recession

Bloomberg Survey: Nigerian Economy Likely Out Of Recession

Africa’s largest economy, Nigeria is likely to experience significant improvement following the rise from a slump in the second quarter, according to a Bloomberg survey.

According to the survey, Nigeria’s GDP likely grew 1.6 per cent from a year earlier after contracting for five straight quarters.

The improvements have been ascribed to slight increase in oil output, growth in agriculture and successes recorded in foreign-currency liquidity.

Nigerian Bureau Of Statistics, NBS, is expected to release the country’s second quarter GDP figures on Tuesday and the Bloomberg survey shows Nigeria’s GDP likely grew 1.6 per cent from a year earlier after contracting for five straight quarters.

Economic growth in Nigeria will “return to positive territory in the second quarter, on the back of a recovery in oil production, solid agriculture growth and an improvement in foreign-currency liquidity

“We expect the recovery and growth to be fragile”, a market analyst said.

Meanwhile, indications have also emerged that Nigeria’s economy is rallying from negative to positive growth in the second half of 2017, according to the Nigeria’s Purchasing Managers’ Index, PMI, and global rating agency, Fitch’s report.

The PMI report for August 2017, indicated further expansion in economic activities for the fifth consecutive month.

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