The National Bureau of Statistics’s (NBS) Gross Domestic Product (GDP) report says Nigeria is in its worst economic recession in 29 years.
The report states that Nigeria’s economy in the second quarter of 2016, fell 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 partly reads; “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.”