Economy Shrinks Under Buhari As Nigeria’s GDP Drops To 25-Year Low
More gloomy news for Nigeria as the country’s gross domestic product (GDP) drops to its lowest since 1991.
According to the GDP report released by the Nigerian Bureau of Statistics (NBS) on Friday, May 20, 2016 the country’s economy crashed to a 25-year low of -0.36 percent in the first quarter of 2016.
GDP is the worth of the economic activities in an economy.
NBS says Q1 GDP declined to -0.36 percent from 2.11 percent in Q4 2015 and 3.96 percent in Q1 2015.
The last time the Nigeria economy grew below 1 percent was in 1999, a few months after the return of democracy in 1999.
According to World Bank figures, the economy had a regression of -0.3 percent in 1995, and -0.6 percent in 1991