Nigeria Economic Update (Issue 35)

Nigeria's  Real Gross Domestic Product (GDP) increased at an annual rate of 0.55 percent in 2017Q21, compared to the -0.91 percent (revised) in 2017Q1 – indicating the first quarterly positive growth rate since 2016Q1 and an evidenced exit from five quarters of economic recession. The acceleration in real GDP in 2017Q2 reflects the significant increase in oil sector GDP from -11.64 percent in 2017Q1, to 1.64 percent in 2017Q2 – a 13.3 percentage points Quarter-on-Quarter increase. However, Non-oil GDP moderated by 0.3 percentage points to 0.45 percent. Despite the recent favorable economic performance, growth prospect remains fragile. 


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