Official: 2016 recession is Nigeria’s worst decline since 1987

The National Bureau of Statistics (NBS) has confirmed that the 2016 economic recession was a full year recession, and the worst in the country’s history since 1987.

In 1987, according to World Bank data, Nigeria had a full year decline in gross domestic product (GDP) was put at 10.8 percent.

The country recorded recessions in 1991 and 1995, recording a full year economic decline of 0.6 and 0.3 percent respectively.

According to NBS GDP report released on Tuesday, Nigeria recorded a contraction of 1.51 percent in 2016.

“In the fourth quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -1.30% (year-on-year) in real terms, from N18,533.75 billion in Q4 2015 to N18,292.95 billion in Q4 2016,” NBS said.