Opeyemi Agbaje
By Opeyemi Agbaje et al.
In the downloadable document below, RTC Advisory Services Ltd. - a business advisory and consultancy services firm, examines how Nigeria fell into recession and recommends policy options to get the country out of its financial woes.
Nigeria’s Recession…
* According to NBS data, the Nigerian economy has recorded two consecutive quarters of economic contraction…
* In Q1 2016, GDP growth was negative (-0.36%) and recently released Q2 2016 data reflects a larger contraction (-2.06%)
* The economic contraction is fairly broad…and includes both oil and non-oil sectors
* The oil sector contracted by 17.48% and non-oil sectors by 0.38%
* Virtually all major economic sectors are in recession…manufacturing, construction, trade, transport, hotels and restaurants, finance and insurance, real estate and government!!!
* The only exceptions are agriculture and telecommunications!
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* Opeyemi Agbaje is the CEO of RTC Advisory Services Ltd.