Nigeria officially in recession as GDP drops to -2.06%

Nigeria's Economy has officially slid into recession. This is going by the new report from the National Bureau of Statistics on the Gross Domestic Product figures for the second quarter of 2016 released today. According to the report which was shared via the twitter handle of the Staistician General of the Federation, Yemi Kale, Nigeria's GDP growth rate dropped from -0.36 per cent in the first quarter to -2.06 per cent.

This makes it clear that Nigeria is indeed in recession. A recession is defined as a significant decline in activities across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale retail trade. The report adds that Nigeria's Capital Importation for the second quarter of the year dropped to $647.1m(lowest quarterly on record) from $710.9 m in the first quarter.