News Archive

5 Jul 2016

Nigeria’s economy slides into recession in Q2

The CBN last Friday reported that economic activities declined faster in June, confirming that the nation’s economy formally entered into recession in the second quarter of the year.
Economic recession is a period of general decline in economic activities and it is typically defined as a decline in GDP for two or more consecutive quarters.
Nigeria’s economy contracted in the first quarter of the year, as it recorded negative Gross Domestic Product (GDP) during the quarter.
According to the National Bureau of Statistics the nation’s GDP in Q1 2016 contracted by 0.36 per cent, the first negative growth in many years
This is so disheartening! Can Nigeria survive this looming calamity with the inefficient APC government?
Instead of them to devise a way of improving the economy, they're busy blaming the past administration as if that is why they were elected into office.
If the economy could go from bad to worse like within one year, I'm afraid for the remaining 3 years. The worst part is that there's nothing to show that things will get better.
Truly, you can't give what you don't have. This is the second time Buhari have had the opportunity to better the lives of Nigerians, but seems just like in 1984, he is on the same path of economic mismanagement.
Nigerians really made a mistake by putting APC into power.

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