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Hallelujah!!! Nigeria creeps out of Recession

According to Vanguard, Nigeria is reportedly out of recession courtesy of four main economic activities viz: Trade, Agriculture, Oil and production.

Reports have it that oil production is estimated to have averaged at 1.84 million barrels per day, 0.15 million barrels higher than the daily average production recorded in the first quarter of 2017 (June 2017 is estimated and may be revised).

Oil production during the quarter was higher by 0.03 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.81mbpd. Furthermore, oil output for March 2017 has been revised and this affected average output for the first quarter 2017 from 1.83mbpd to 1.69mbpd.

The report also indicated that the key players in that led the economy out of recession among the non-oil sector was the agricultural sector (crop production), finance and insurance, electricity, gas, steam, air conditioning supply and other services.

We hope for more of such news!

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