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Nigeria In Worst Economic Downturn In 29 Years

According to the National Bureau of Statistics (NBS) Nigeria has hit its worst economic downturn in 29 years.

According to the NBS gross domestic product (GDP) report for the second quarter of 2016, Nigeria’s economy contracted by 2.06% to record its lowest growth rate in 30 years.

In the first quarter of 2016, the National Bureau of Statistics said the economy decreased by 0.36 percent to hit its lowest point in 25 years.

Nigeria-GDP

According to World Bank data, the last time Nigeria had this huge economic decline was under the regime of the former military president, Ibrahim Babangida, when the economy recorded consecutive decrease of 0.51 percent and 0.82 percent in first and second quarters of 1987.


Source: thecable news

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