Nigeria’s GDP Contracts 2.06% In Second Quarter
The figures coming from the National Bureau of Statistics shows that Nigeria’s Gross Domestic Product (GDP) has contracted by 2.06% in the second quarter of 2016.
According to the report, the decline has caused the Naira to get weaker while lower oil prices dragged the oil sector down.
The output shrunk by 0.36 in the first quarter.
During the quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices.
This growth was lower than the rate recorded in the second quarter of 2015 by 2.44% points.
During the period under review, oil production was estimated at 1.69 million barrels per day, 0.42 million barrels per day lower from production in the first quarter of 2016