has officially entered a state of economic
recession for the first time in over 20
years. This comes after current figures
revealed that the economy contracted for
a second consecutive quarter. 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
economic decline during 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 renewed insurgency in the Niger Delta
region, the attacks on oil installations
continue to disrupt production of oil in the
region.
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