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Biafra: Recession Worsens Nigeria Economy Shrinks By 2.24%


While President Muhammadu Buhari has been playing the blame game, and diverting the attention of Nigerian from the failing economy by attacking democratic institutions in the name of “anti-corruption”, the economy of the country has worsened under his watch, sinking deeper into recession.
The National Bureau of Statistics, NBS, has on Monday, November 21, 2016 revealed that the country’s gross domestic product, GDP, has shrunk by 2.24 per cent in the 3rd quarter of 2016.
This grim report indicates that the economy is shrunk, things have gone downhill, and it will be harder for the Nigeria to pull out of this recession.
The NBS report indicates that the country’s GDP fell farther than it did in the first and second quarter of 2016. The economy shrunk by 0.36 percent in the first quarter, and 2.06 percent in the second quarter of 2016.
These statistics mean that for Nigeria to get out of this recession in 2016, it must record a GDP growth of at least 4.32 percent in the last quarter of 2016.
Given the lack of policy direction of the Buhari government, it looks like that is a tall dream.

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