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Nigerian economy contracts for fifth straight quarter in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/05/2017 (12:09)
According to media reports, data from Nigeria’s National Bureau of Statistics revealed that the country’s gross domestic product (GDP) contracted by 0.5% in the first quarter from a year earlier. This became the fifth consecutive contraction.

The ongoing contraction of the economy was led by an 11.6% yearly contraction in oil sector as well as the deceleration in agriculture sector growth which posted the slowest expansion since the first quarter of last year, according to the recent data. In the January-March period of this year, Nigeria’s agriculture sector expanded by 3.4%.

Nigeria’s oil-dependent economy is still under pressure from low oil prices and production as well as strong exchanges rates and foreign-currency shortages. However, the government is aiming to achieve economic recovery this year by increasing state spending and oil production.
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