Nigerian Economy Declined After 25 years

After 25 years the economy of Nigeria experienced an annual decline in its economic output as the major oil producer in the country failed to acquire growth and continued to fall for four consecutive quarter of the previous year.

The Western Africa had suffered from a technical recession in the first six months of the year due to the price cut in oil prices as well as in the crude manufacturing. The contraction was followed by the attacks of militant groups on the pipelines in the region of Niger Delta.

According to the data from National Statistics Bureau released on Tuesday, the economy shrank by 1.5 percent in 2016 as to the 2.8 percent growth in 2015. Three months prior the December ends, it further slid by 1.3 per year over year.

Moreover, the oil sector fell about 14 percent in the past year because the production plummeted to 1.833m b/d from 2.13 in 2015, figures from the bureau.