Nigeria in Danger of Falling into Depression

Nigeria in Danger of Falling into Depression

Nigeria is at great risk of falling into depression as latest figures released by the National Bureau of statistics (NBS) indicate a 4th consecutive quarter of negative growth in GDP, the GDP fell by 1.30% in the last quarter of 2016 making it a full year of economic decline. The economy shrunk by 1.51% in 2016.

However, the Nigerian economy is showing increased signs of recovery with a positive balance of trade for the last quarter of 2016 according to statistics from the NBS total export value for the perriod stood at ₦2,978.9billion while total import was 2,307.6billion leaving a positive balance of  ₦671.3 billion which is a a great improvement on the negative trade balance of -₦136.0 billion recorded in the preceding 3rd quarter of 2016.

The government says it expects Nigeria to get out of recession in 2017. This is quite possible if oil price remains at its current level  and the restive NigerDelta sees continued peace and the Nigerian economy starts to increase its diversification of exports from non-oil sources.

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