Nigeria returned to growth in 2017 after suffering its first recession in a generation the previous year, data released from the country’s statistics office shows on Tuesday.
The country gross domestic product (GDP) grew by 0.83 percent in 2017 after shrinking by 1.58 percent in 2016, which was its first annual contraction in 25 years, according to the National Bureau of Statistics (NBS) data.
The NBS figures indicate a further growth in the fourth quarter of 2017, showing the economy grew by 1.92%.
Reuters reports that the country returned to growth in the second quarter of 2017 but the recovery has been fragile since it is largely due to higher oil prices.
The International Monetary Fund (IMF) in December says that the economy remains vulnerable.
Growth in the last quarter of 2017 rose to 1.92 percent compared to a 1.73 percent contraction in the same period of the previous year, according to the NBS data.
Oil production rose to 1.91 million barrels a day (mbpd) in the fourth quarter from 1.76 mbpd in the same period of 2016, the statistics office says.
In the previous third quarter of 2017, the Nigerian economy grew by 1.4%, and this latest figure for the fourth quarter marks the third consecutive growth since the exit from recession in the second quarter of 2017.
The latest GDP figures now show the economy improving in all major sectors, including especially the non-oil sector which had contracted for quite a while.
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