The National Bureau of Statistics (NBS) has confirmed that Nigeria is in its worst economic recession in 29 years.
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 World Bank data, 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. This is a developing story...more details to follow!