21 Nov 2016

Nigeria's Recession Deepens, But Things are Starting to Look Good

Nigeria's economy has sunk deeper into recession, data from the National Bureau of Statistics, NBS, about its Q3 performance has stated.

Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter, when Nigeria fell into recession for the first time in 25 years.

In addition oil production fell to 1.63 million barrels per day, down from 1.69 million in the second quarter.

However non-oil part of the economy grew by 0.03 percent in the third quarter, compared with negative growth in the first two, which was "largely driven" by 4.54 percent growth in the farming sector.

In addition, a senior Moody's analyst said Nigeria's economy could expand by 2.5 percent next year if it could produce 2.2 million barrels of oil per day - the level at which the government made its budget calculations.


Receive Instant News Update Via BBM: D3EDEFDF...Click HERE for Details.

Share your story with us:

PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

How I TOTALLY Got Rid Of my POT BELLY,excess Fat and Overweight In just 2weeks.. Click HERE for Details.

Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them


For Instant Updates On Twitter Page @247NGNEWSUPDATE

Post a Comment

Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian