The Nigerian economy is
in recession, figures released by the National Bureau of Statistics officially
confirmed Wednesday.
Although various government officials, notably
the Central Bank of Nigeria (CBN), Godwin Emefiele, and the Minister of
Finance, Kemi Adeosun, had over a month ago said the economy was in “technical”
recession, the official confirmation came with the release of the new figures.
The statistics bureau said the second quarter
2016 Gross Domestic Product (GDP) declined by -2.06 per cent.
Annual inflation rose to 17.1 percent in July
from 16.5 percent in June, and food inflation rose to 15.8 percent from 15.3.
“The pace of the increase in the headline index
was however weighed upon by a slower increase in three divisions, namely
health, transport, and recreation and culture divisions,” the NBS said.
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