Nigeria’s current economy worst in 29 years – NBS

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According to reports from the National Bureau of Statistics, NBS, Nigeria has hit its worst economic recession in 29 years.


The report further revealed that the second quarter of 2016,contrasted by 2.06 percent to record its lowest growth rate in 30 years. It added that the first quarter of 2016, contrasted by 0.36 percent to hit its lowest point in 25 years.

The statement on the NBS website 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.”

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