At last Nigeria’s economy has plunged into recession.
The Central Bank of Nigeria (CBN) says 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.
The report revealed that in the
manufacturing sector, “Production level, new orders, and employment level and
raw material inventories declined at a faster rate; while supplier delivery
time improved at a faster rate”.
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