Nigeria will have to turn to industries other than oil to help pull itself out of recession, experts have said as the latest sobering government figures revealed that the economy fell by just over two per cent in the second quarter of 2016.
The overall decline of Nigeria’s economy is – gross domestic product (GDP) fell 2.06 percent in the second quarter – largely attributed to the global drop in the price of oil, which saw growth of -17.48 per cent in real terms in the same period.
IMF data projects a -1.8 per cent change in real GDP for 2016. This would be the first annual decline in over twenty years, and the worst annual recession to have hit the country since 1987, when GDP growth dropped to -10.8 per ceNigeria plans to borrow as much as $10billion from debt markets, with about half of that coming from foreign sources. Funds from this Eurobond would be spent on power transmission projects, solid mineral development and agriculture.