Nigeria,African's second largest economy,has officially entered a state of economic recession for the first time in over 20yrs. This comes after current figure revealed that the economy contracted for a second consecutive quarter's
According to the Nigeria Bureau of statistics, the country's Gross Domestic Product (GDP) contracted by 2.06℅ in the second quarter.
The GDP shrunk by 0.36℅. A recession is a period of temporary economy decline which trade and industrial activities are reduced,generally identified by a fall in GDP in two successive quarters.
The cause of the slump is believed largely to be as a result of the slump of oil prices on the world market.
That situation has been worsened by renew insurgency in the Niger delta region.
The attacks on oil installation continue to disrupt production of oin in the region....
By: oluwaseun Afolabi
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