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 showed on Tuesday.
The OPEC member’s 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.
Africa’s largest economy and its biggest oil producer fell into recession in 2016 largely as a result of low crude prices and militant attacks on energy facilities in the Niger Delta. Crude sales make up two-thirds of government revenue.
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…
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