For two consecutive times, Nigeria’s economy contracted. The first heralded recession which has occurred more than five months and impacting every segment of the economy, visibly in manufacturing, employment generation, real income and wholesale-retail trade. The country’s Gross Domestic Product growth contracted to -0.36 percent in the first quarter of this year (Q1 2016). For the second time in the same year, the GDP shrunk to -2.24 per cent (year-on-year) in real terms in the third quarter of 2016.
The contraction signifies that Africa’s fastest growing economy engrossed deeper into recession, according to the National Bureau of Statistics (NBS). This has resulted in several disruptions in the production of consumable and non-consumable goods. With her over 187 million people, a 2.48% of the world’s population, Nigeria has been identified as one of the top five countries with the largest number of poor. This has been put at about 110 million citizens, living below poverty line. Read more
Comments
Post a Comment