Nigeria’s in Nigeria are crying bitterly concerning the country’s economic situation which is heading to rock bottom.
On Friday, the Nigerian Bureau of Statistics revealed that the economy shrank by 0.4% in the first quarter year-over-year — which was way worse than expected.
Economists were expecting the country to grow by 1.8% year-over-year, according to the Bloomberg consensus. Analysts and Economist who monitored the Nigeria economy within and outside the shores of Nigeria aren’t feeling too good about the situation going forward.
The country is headed into a full-blown economic crisis. Nigeria continues to suffer from numerous economic meltdown including lower oil prices and the government’s controversial foreign-exchange and price-control policies which economic-analysts have more or less deemed a complete failure.
Notably, the biggest drop in growth was in Nigeria’s manufacturing sector, which was crushed by the FX policies.
In conclusion, the most depressing factor about this latest GDP figure is that it doesn’t factor in any of the current problems Nigeria has seen in the second quarter, including, but not limited to, the fuel shortage crisis and some of the oil production disruptions by the Niger Delta Avengers.
No comments:
Post a Comment