The Nigeria Bureau of Statistics announced on Tuesday that Nigerian economy grew 0.55 percent year-on- year in Q2, 2017. The Statistics office of South Africa also announced on Tuesday that South Africa economy grew 2.5 percent in Q2, 2017. In effect, Nigeria and South Africa are out of recession.
Lower revenues from oil exports and activities of militants in the Niger delta region has been one of the reason of the recession. According to NBS, Nigeria exports 1.84 million barrels per day, in Q2, 2017.
The President of Nigeria, President Buhari while welcoming the Niger President, Alhaji Mahamadou Issoufou said:
Until coming out of recession translates into meaningful improvements in peoples's lives, our work cannot be said to be doneAccording to experts, economies of both countries needs to be sustained through improved productivity and downward revision of interest rates.
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