Nigeria’s GDP fell by 2.24% from Q3 2015 to Q3 2016
Tuesday, 22 November 2016 04:07
Nigeria's GDP fell by 2.24% in Q3 2016 compared to the same quarter the year before, the National Statistics Bureau (NBS) revealed.
Oil revenues which represent 70% of the country’s total earnings slumped by 22% compared to 2015. From 2.17 million barrels per day last year, Nigeria's oil output fell to 1.63 million barrels per day in 2016. Also, amid oil price slump, oil infrastructures have also been hit by armed groups repeatedly.
The fall in revenues was paired with an inflation of up to 18% and a shortage of foreign currency that cripple various industrial sectors making them unable to imports needed input.
Nigeria is presently going through its worst crisis ever in the past 20 years.
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