Wednesday, 06 September 2017 04:05

Nigeria, South Africa say they are out of recession

Rate this item
(0 votes)

Two of Africa's leading economies said Tuesday they have emerged from recession.

South Africa and Nigeria released figures showing economic growth in the second quarter of this year.

South Africa's government said the gross domestic product grew by 2.5 percent in the quarter, helped by the agriculture, forestry and fishing sectors. The country announced in June it had entered recession.

Nigeria's government said its GDP grew by .55 percent in the quarter, aided by growing oil production. The West African power has struggled to diversify its economy beyond oil and has suffered from militant attacks on oil facilities in the oil-rich Niger Delta.

Nigeria had been in recession since last year, with five quarters of negative growth.
"Unfortunately, the Nigerian government has not taken advantage of the crisis to make tough decisions that will forestall such a recession in the short and long term," analyst SBM Intelligence said in a statement.

"The moment oil prices take a big enough hit again, Nigeria will be headed back to a recession."

On Twitter, President Muhammadu Buhari said that "until coming out of recession translates into meaningful improvement in people's lives, our work cannot be said to be done."

AP

November 25, 2024

From zero to $10 billion annual transactions: How Jiji became one of Nigeria’s e-commerce leaders

When Jiji launched in 2014, it entered a competitive e-commerce market in Nigeria, joining the…
November 24, 2024

PDP governors urge Tinubu to review economic policies amid rising hardship

Governors elected on the platform of the Peoples Democratic Party (PDP) have called on President…
November 24, 2024

Older adults opened up about things they ‘took for granted’ in their 20s and 30s

Last month, we wrote a post where older adults from the BuzzFeed Community shared things…
November 16, 2024

Influencer eats pig feed in extreme attempt to save money

Popular Douyin streamer Kong Yufeng recently sparked controversy in China by eating pig feed on…
November 22, 2024

FG excited as pro-Biafra agitator Simon Ekpa arrested in Finland on terrorism charges

Simon Ekpa, the controversial leader of the pro-Biafra faction Autopilot, was arrested by Finnish authorities…
November 25, 2024

Here’s the latest as Israel-Hamas war enters Day 416

Hezbollah rockets land near Tel Aviv after large Israeli strike on Beirut Lebanon's Hezbollah movement…
November 21, 2024

Nigeria comes top in instant payment system inclusivity index in Africa

Nigeria’s instant payment system is projected to advance to the maturity inclusion spectrum ahead of…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.