Latest report from the National Bureau of Statistics, NBS, says Nigeria’s Gross Domestic Product, GDP, has shrunk by 2.24 percent in the third quarter of 2016.
According to the report, the depreciation has worsened the country’s chances of getting out of recession in 2016.
The report said the country’s GDP fell deeper than recorded in the first and second quarter of 2016.
It disclosed that Nigeria’s economy shrunk by 0.36 percent in the first quarter, and 2.06 percent in the second quarter of 2016.
The report published on NBS website reads in part, “In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms.