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5 September 2017
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| Nigeria South Africa Economy (The Total Investment & Insurance Solutions) |
Two of Africa's leading economies said Tuesday they have emerged from
recession. The Total
Investment & Insurance Solutions
South Africa and Nigeria released figures
showing economic growth in the second quarter of this year. The Total Investment & Insurance
Solutions
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. The Total Investment & Insurance
Solutions
Nigeria had been in recession since last
year, with five quarters of negative growth. The Total Investment & Insurance
Solutions
"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."The Total Investment & Insurance
Solutions
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