According to the National Bureau of Statistics (NBS), Nigeria is officially in its worst economic recession in 29 years.
The federal government's agency, NBS's gross domestic product (GDP)
report for the second quarter of 2016, shows that Nigeria’s economy
contracted by 2.06 percent to record its lowest growth rate in three
decades.
TheCable News
reported that 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 the NBS website, “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.”
World Bank data reveals 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.
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