Latest data released on Tuesday by the National Bureau of Statistics (NBS) on Nigeria’s Gross Domestic Product (GDP) shows that the country’s economy grew at 0.55 percent in the second quarter (Q2) of 2017.

After contracting for five consecutive quarters, the growth recorded in Q2 of 2017 was 2.04 percent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 percent than that in the preceding quarter which was revised to 0.91% from -0.52% due to revisions made to crude outputs for March 2017.

According to the report for the second quarter of 2017, the nation’s economic recovery was driven principally by the positive performances of the oil, agricultural and manufacturing sectors of the economy.

Furthermore, electricity and gas as well as financial institutions sectors also recorded strong growths of 35.5 and 11.78 percent respectively in the second quarter of 2017 as compared to the -5.05% and -0.60% recorded in the first quarter of 2017.