Nigeria slips into recession: GDP drops to -2.06%

Nigeria has slipped into recession, with the latest growth figures showing the economy contracted 2.06% between April and June.

Nigeria has now seen two consecutive quarters of declining growth, the usual definition of recession.

Its vital oil industry has been hit by weaker global prices, according to the Nigerian Bureau of Statistics (NBS).

But the Federal Government says there has been strong growth in other sectors.

The negative growth rate recorded in the second quarter of this year is a confirmation of the predictions by the Federal Government and economists that the country was heading into recession.

In the GDP report released by the Nigerian Bureau of Statistics (NBS), the bureau said, “In the second quarter of 2016, the nation’s Gross Domestic Product declined by -2.06 per cent (year-on- year) in real terms.

“This was lower by 1.70 per cent points from the growth rate of –0.36 per cent recorded in the preceding quarter, and also lower by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015. Quarter on quarter, real GDP increased by 0.82 per cent.”

Nigeria, which vies with South Africa for the mantle of Africa’s biggest economy, is also battling an inflation rate at an 11-year high of 17.1% in July.

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