The National Bureau
of Statistics (NBS) has confirmed that Nigeria is in its worst economic
recession 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
percent to record its lowest growth rate in three decades.
In the first quarter of 2016, the NBS said the
economy shrank by 0.36 percent to hit its lowest point in 25 years.
According to World Bank data, the last time
Nigeria had this magnitude of economic decline was under the regime of Ibrahim
Babangida, when the economy recorded consecutive decline of 0.51 percent and
0.82 percent in first and second quarters of 1987.
“In the Second Quarter of 2016, the nation’s
Gross Domestic Product (GDP) declined by -2.06% (year-onyear) in real terms,”
the NBS revealed.
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