Nigeria, the second largest economy in Africa, would have grown by 1.6 percent by the end of 2016.
This was disclosed by Standard Chartered Global Research, an arm of Standard Chartered Bank.
In its adjusted gross domestic product (GDP) forecast for 2016, Standard Chartered showed that Nigeria’s economy will grow at a faster pace than South Africa, which is expected to grow at 0.6 percent.
With such growth, Nigeria would have successfully got itself out of the present technical recession, declared by Kemi Adeosun.
On Thursday, South Africa overtook Nigeria as Africa’s largest economy, with a GDP of $301 billion.
However, the International Monetary Fund (IMF) said in July, that Nigeria would see its economy shrink by 1.8 percent in 2016.
The Nigerian economy declined by 0.36 percent in the first quarter of 2016, with the second quarter results billed to be released by the National Bureau of Statistics (NBS) on August 31.
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