OMG!!NIGERIA OFFICIALLY IN RECESSION AS ECONOMY NOSE-DIVE BY 2.06 IN 2ND QUATER

Nigeria, Africa’s most populous nation, has entered recession after figures released Wednesday showed that its economy had contracted for the second consecutive quarter.The Nigerian Bureau of Statistics (NBS) announced that the West African country’s GDP had contracted by 2.06 percent in the second quarter of 2016. This followed a contraction of 0.36 percent in the first quarter. The crisis has seen Nigeria lose its title of Africa’s biggest economy to South Africa, according to data from the International Monetary Fund (IMF) released earlier in August. According to financial times,the NBS report showed that oil production has plummeted to 1.69 million barrels per day (bpd) in Q2, down from 2.11 million bpd in Q1, with oil-based GDP contracting by 17.5 percent in Q2.Also, Nigeria’s currency, the naira, is also part of the problem.The currency is trading at a record low of 418 naira to the U.S. dollar,as an ongoing dollar shortage keeps foreign investors away. The Central Bank of Nigeria in June abandoned the fixed rate for the naira against the dollar, which critics said should have been done months earlier.