Nigeria’s economy took a further beating in the third quarter of 2016 as evidenced by recently released reports. A combination of a global crash in oil prices as well as questionable policies by the country’s Central Bank have created a weak Currency and a lack of access to forex.
A lack of access to forex has affected many businesses in the import dependent country as a weak currency has led to an increase in the prices of commodities. Figures from the National Bureau of statistics showed that Nigeria’s Gross Domestic Product (GDP) contracted by -2.24% in the third quarter
The only slight positive from the figures is a marginal increase in non-oil GDP.
Infographics courtesy the National Bureau Of Statistics