Monday, October 10, 2016 5:22pm / RTC Advisory Services
According to NBS data, the Nigerian economy has recorded two consecutive quarters of economic contraction…
In Q1 2016, GDP growth was negative (-0.36%) and recently released Q2 2016 data reflects a larger contraction (-2.06%)
The economic contraction is fairly broad…and includes both oil and non-oil sectors.
The oil sector contracted by 17.48% and non-oil sectors by 0.38%.
Virtually all major economic sectors are in recession…manufacturing, construction, trade, transport, hotels and restaurants, finance and insurance, real estate and government!!!
The only exceptions are agriculture and telecommunications!