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LequteMan
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The National Bureau of Statistics, NBS, on Tuesday said Nigeria's economy contracted 1.5 percent in 2016 due to lower oil revenues and a shortage of hard currency.
This will be the country's first annual contraction in the quarter of a century.
"This contraction reflects a difficult year for Nigeria, which included weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a concomitantly weaker currency," NBS said in a report.
The fourth quarter output shrank by 1.3 percent, it added.
Nigeria slid into recession in the second quarter of 2016 as a slump in crude prices hammered the nation's public finances and battered the naira.
Reuters
This will be the country's first annual contraction in the quarter of a century.
"This contraction reflects a difficult year for Nigeria, which included weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a concomitantly weaker currency," NBS said in a report.
The fourth quarter output shrank by 1.3 percent, it added.
Nigeria slid into recession in the second quarter of 2016 as a slump in crude prices hammered the nation's public finances and battered the naira.
Reuters
