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- Oby Ezekwesili spits fire, says National Assembly has impoverished Nigerians
- 3 suspects arrested for killing Jumia delivery man in Port Harcourt confess (Video)
- Senators move to force federal government to release Nnamdi Kanu
- I was in the same NYSC camp with Dino Melaye – Man shares his NYSC certificate
- BREAKING: Senate suspends Ali Ndume, clears Melaye and Saraki of allegations
– 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.
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.
The Nigerian economy has continued to nose-dive under the administration of President Muhammadu Buhari who assumed office last year.