The Gross Domestic Product, GDP, report from the National Bureau of
Statistics, NBS, says Nigeria is in its worst economic recession in 29
years.
The report is claiming that Nigeria’s economy in the second quarter
of 2016, shrank by 2.06 percent to record its lowest growth rate in
almost 30 years.
According to a statement on its website, NBS said Nigeria’s economy
in the first quarter of 2016, contrasted by 0.36 percent to hit its
lowest point in 25 years.
The statement reads partly, “In the Second Quarter of 2016, the
nation’s Gross Domestic Product (GDP) declined by -2.06% (year-onyear)
in real terms. This was lower by 1.70% points from the growth rate of
–0.36% recorded in the preceding quarter, and also lower by 4.41% points
from the growth rate of 2.35% recorded in the corresponding quarter of
2015.
“Quarter on quarter, real GDP increased by 0.82% During the quarter,
nominal GDP was N23,483,954.78 million (in nominal terms) at basic
prices. This was 2.73% higher than the Second Quarter 2015 value of
N22,859,153.01 million. This growth was lower than the rate recorded in
the Second Quarter of 2015 by 2.44% points.”
DAILY POST
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