It's Official: Nigeria Enters Recession For First Time In Over 20 Years

Nigeria, Africa’s second largest economy, has officially entered a state of economic recession for the first time in over 20 years. This comes after current figures revealed that the economy contracted for a second consecutive quarter. According to the Nigeria Bureau of Statistics, the country’s Gross Domestic Product (GDP) contracted by 2.06% in the second quarter. The GDP shrunk by 0.36%. A recession is a period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quarters. The cause of the slump is believed largely to be as a result of the slump of oil prices on the world market. That situation has been worsened by renewed insurgency in the Niger Delta region, the attacks on oil installations continue to disrupt production of oil in the region.

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Posted: at 31-08-2016 04:42 PM (7 years ago) | Addicted Hero

God help us..

Posted: at 31-08-2016 05:53 PM (7 years ago) | Gistmaniac

Is Nigeria the second largest economy as poster indicates or thfirst as i know.So south africa is still the first

Posted: at 31-08-2016 06:05 PM (7 years ago) | Upcoming

Yagosky,if you're not a militant then it means you're a youth still living in the woods.Blind folded by sentiments at this 21st century?You must know that the activities of the Niger Delta is affecting you directly,be you a worker or a business man.

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Posted: at 31-08-2016 06:23 PM (7 years ago) | Gistmaniac

yawa dez o

Posted: at 31-08-2016 07:00 PM (7 years ago) | Gistmaniac

Buhari u are happy now abi

Posted: at 31-08-2016 07:20 PM (7 years ago) | Gistmaniac

HUMMMMM AFTA THE ELECTION WEY DEM DO WE STILL DEY WAIT FOR D CHANGE OOO LOLSSSSS

Posted: at 31-08-2016 07:36 PM (7 years ago) | Gistmaniac

  o boy na true say we enter recession true' true? Abi na lie.

Posted: at 31-08-2016 07:44 PM (7 years ago) | Newbie

Not to worry, the Recession has come at a time we have a capable man like Buhari in charge. Although the Recession might have been temporarily delayed under President Jonathan, because his kinsmen might not be destroying National Assets, the reduced commonwealth as a result of drop in oil price, and the continued 'swallowing' of the resources by his Team while he is 'sleeping' on duty would still make Recession inevitable. The DANGER of the situation would have been that we would have CONSUMERS and NO Producers. When one falls of a horseback, he mounts the same horse again. Wishing Nigeria better days ahead.

Posted: at 31-08-2016 07:52 PM (7 years ago) | Gistmaniac

try and investigate many of them they also has their skelecton in their secret room

Posted: at 31-08-2016 08:01 PM (7 years ago) | Gistmaniac