The National Bureau of Statistics (NBS) has on Wednesday said that Nigeria’s economy has gone into recession after negative growth in the first two quarters of the year.
Africa’s top economy, Nigeria has been battered by low oil prices that has affected government’s revenues, weakening the national currency and driving up inflation to an 11-year high.
“In the second quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by -2.06 percent (year-on-year) in real terms,” the NBS said.
“This was lower by 1.70 percentage points from the growth rate of 0.36 percent recorded in the preceding quarter, and also lower by 4.41 percentage points from the growth rate of 2.35 percent recorded in the corresponding quarter of 2015,” it said.
