Nigeria almost out of worst recession in 29 years

The National Bureau of Statistics (NBS), on Tuesday released the Gross Domestic Prodcut (GDP) report for the first quarter of 2017, which shows that Nigeria’s economy contracted by 0.52% year-on-year.

Last August, the NBS noted that the country’s first recession since the return of democracy in 1999, was the worst in nearly three decades.

The economy shrank by 2.06% in the second quarter of 2016, to hit its lowest point in nearly three decades.

According to World Bank data, the last time Nigeria had this magnitude of economic decline, was when Ibrahim Badamosi Babangida (IBB) was the Military Head of State.

At the time, the economy recorded consecutive decline of 0.51% and 0.82% in first and second quarters of 1987.