Nigeria records another economic growth decline – NBS

 The National Bureau of Statistics said Nigeria’s Gross Domestic Product (GDP) slowed to 1.50 percent in the second quarter of the year.

This is the second consecutive quarter of a decline in the pace of economic growth in Nigeria.

The output growth in Q2 fell below the 1.95 percent economic growth recorded in Q1.

Analysts say the 6-month delay in the passage of the national budget was a key reason why economic growth remained under 2 percent for the second consecutive quarter since Q4 2017.

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The economic growth of 1.50 percent in Q2 is well below the 2018 economic forecast of International Monetary Fund and Nigerian government.

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