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BREAKING: More woes for Nigeria as economy shrinks by 2.2% (infographics)

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– These are not the best of times for the Nigerian economy

– Africa’s largest economy shrank to 2.2% in the third quarter

– This is according to the National Bureau of Statistics (NBS)

The Nigerian economy shrank to 2.2% for the third quarter of the year according to a report published by the National Bureau of Statistics on its website.

Source: National Bureau of Statistics

The report shows that the Gross Domestic Product (GDP) in Quarter 3 of 2016 contracted by 2.24%, relative to 2.06% in Quarter 2 and 0.36% in Quarter 1.

According to a tweet from the NBS boss, Dr Yemi Kale, Nigeria needs a growth in Quarter 4 of 4.32% to avoid full year negative growth.

Source: National Bureau of Statistics

The Nigerian economy has continued to nose-dive under the administration of President Muhammadu Buhari who assumed office last year.

 

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