Nigeria’s GDP Falls By -2.24% In 3rd Quarter

Nigeria’s economy took a further beating in the third quarter of 2016 as evidenced by recently released reports. A combination of a global crash in oil prices as well as questionable policies by the country’s Central Bank have created a weak Currency and a lack of access to forex.

A lack of access to forex has affected many businesses in the import dependent country as a weak currency has led to an increase in the prices of commodities. Figures from the National Bureau of statistics showed that Nigeria’s Gross Domestic Product (GDP) contracted by -2.24% in the third quarter

nbs

gdp-q3

The only slight positive from the figures is a marginal increase in non-oil GDP.

Infographics courtesy the National Bureau Of Statistics

Leave a Reply

Your email address will not be published. Required fields are marked *