Nigerian Economy Hits Worst Recession In Almost 3 Decades

The National Bureau of Statistics (NBS) has released the second quarter of 2016 report with Nigerian economy hitting worst recession in almost three decades.

In the Second Quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by-2.06% (year-on year) 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.

Highlight of the report

Gross domestic product (GDP) contracted by 2.06 percent to record its lowest growth rate in three decades.

Nigerian July Inflation Rate Rises to 17.1%

Nominal GDP was N23,483,954.78 million (in nominal terms) at basic prices.