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Nigeria distances self from recession, hits 1.4% GDP growth rate in Q3

Latest revelation from the National Bureau of Statistics (NBS) on Monday showed that Nigeria’s chances of plunging back to recession may not exist in the near future as the released Gross Domestic Product (GDP) growth rate for the country recorded a 1.4 percent increase in growth rate in the third quarter of this year.

It would be recalled that the economy had recorded 0.55 per cent as a sign of exit from recession in second quarter.

The report therefore suggests a second consecutive positive growth since the emergence of the economy from recession in the second quarter 2017.

According to NBS, the 1.4 percent growth rate in the third quarter is higher than the revised figure of 0.72 percent recorded in the second quarter of this year.

The report also showed that the third quarter aggregate GDP at N29.45tn. accordingly, this is bigger and better when compared to the N26.53tn nominal GDP recorded in the corresponding third quarter of 2016.

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