Nigeria, one of Africa’s largest economies, has officially gone into recession.
Second quarter figures showed a contraction of 2 percent, according to the National Bureau of Statistics (NBS)
This economic recession comes as no surprise to millions of Nigerians. Many say they have never known it so tough.
But critics say government policies made a bad situation even worse. The decision to delay devaluing Nigeria’s currency meant many businesses struggled to get foreign currency to pay for imports – which had a cooling effect on the entire economy.
Following enormous pressure the government changed tack this summer allowing the naira to float. That’s led to a spike in inflation but the hope is it will attract foreign investors.
The government also says the country needs to import less. It wants to see more products made in Nigeria.