Nigeria’s economy is finally out of recession according to data released on Tuesday by the National Bureau of Statistics (NBS).

The data show a Gross Domestic Product (GDP) growth rate of 0.55 percent in the second quarter (Q2) of 2017.

This is 2.04 percent higher than the rate recorded in the corresponding quarter of 2016 and higher by 1.46 percent points from rate recorded in the preceding quarter.

NBS attributes the economic recovery to the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

Oil GDP recovered significantly from -11.63 percent in Q2 2016 to 1.64 percent in Q2 2017, while non-oil GDP grew marginally at 0.45 percent.

Agriculture grew 3.01 percent in Q2 2017, from 3.39 percent in Q1 2017.

Manufacturing retained its positive growth for the second consecutive quarter in Q2 2017, growing at 0.64 percent, while trade which has a dominant share of GDP remained negative at -1.62 percent.

Electricity and gas and financial institutions sectors also recorded strong growths of 35.5 percent.

Financial institutions saw an 11.78 percent jump in Q2 2017, compared to 0.60 percent in Q1 2017 and -13.24 percent in Q2 2016.

The industry sector grew positively by 1.45 percent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014.