Nigerias economy recession nbs

Nigeria's economy has experienced several recessions in recent years. Here are some key facts about Nigeria's economy and its recessions:

Nigeria's economy:

• Nigeria is the largest economy in Africa and the 26th largest economy in the world.
• The country has a mixed economy, with a significant public sector and a growing private sector.
• The economy is driven by the service sector, which accounts for about 60% of GDP, followed by the agricultural sector and the industrial sector.
• Nigeria is rich in natural resources, including oil, natural gas, and minerals such as iron ore, coal, and tin.

Nigeria's economic recessions:

• Nigeria's economy has experienced several recessions in recent years, including:
  • 1982-1983: The first recession was caused by a combination of factors, including a decline in oil prices, a drought that affected agricultural production, and a decline in foreign investment.
  • 1991: The second recession was caused by a decline in oil prices and a decline in foreign investment.
  • 1994-1995: The third recession was caused by a decline in oil prices, a decline in foreign investment, and a decline in agricultural production.
  • 2009-2010: The fourth recession was caused by a decline in oil prices, a decline in foreign investment, and a decline in agricultural production.
  • 2015-2017: The fifth recession was caused by a decline in oil prices, a decline in foreign investment, and a decline in agricultural production.

Causes of Nigeria's economic recessions:

• Decline in oil prices: Nigeria is heavily dependent on oil exports, and a decline in oil prices can have a significant impact on the economy.
• Decline in foreign investment: Nigeria has faced challenges in attracting foreign investment, which can have a negative impact on the economy.
• Decline in agricultural production: Nigeria is a major producer of agricultural products, and a decline in agricultural production can have a negative impact on the economy.
• Corruption and poor governance: Corruption and poor governance can also contribute to economic recessions in Nigeria.

Consequences of Nigeria's economic recessions:

• Unemployment: Economic recessions can lead to high levels of unemployment, which can have a negative impact on individuals and families.
• Inflation: Economic recessions can also lead to high levels of inflation, which can erode the purchasing power of consumers.
• Poverty: Economic recessions can also lead to increased poverty, as individuals and families struggle to make ends meet.

NBS data:

• The National Bureau of Statistics (NBS) is the official statistical agency of Nigeria.
• The NBS publishes data on Nigeria's economy, including GDP, inflation, and unemployment rates.
• According to the NBS, Nigeria's economy contracted by 1.6% in 2016, and by 1.5% in 2017.
• The NBS also reports that Nigeria's inflation rate rose to 18.7% in 2017, and that the unemployment rate rose to 14.2% in the fourth quarter of 2017.

Overall, Nigeria's economy has faced significant challenges in recent years, including economic recessions, high levels of unemployment, and high levels of inflation. However, the government has implemented several policies aimed at stimulating economic growth and reducing poverty.