Nigeria records another economic growth decline – NBS

 The National Bureau of Statistics said Nigeria’s Gross Domestic Product (GDP) slowed to 1.50 percent in the second quarter of the year.

This is the second consecutive quarter of a decline in the pace of economic growth in Nigeria.

The output growth in Q2 fell below the 1.95 percent economic growth recorded in Q1.

Analysts say the 6-month delay in the passage of the national budget was a key reason why economic growth remained under 2 percent for the second consecutive quarter since Q4 2017.

The economic growth of 1.50 percent in Q2 is well below the 2018 economic forecast of International Monetary Fund and Nigerian government.