WHICH WAY NIGERIA? ...
INTERNATIONAL BUSINESS TIMES... NIGERIA ECONOMY 2016; ECONOMY SLUMPS AS...
Nigeria has entered a recession and it's largely the work of the oil industry.
The country's economy contracted by 2.06 percent in the second quarter, between April and June, this year, according to figures from the Nigerian Bureau of Statistics (NBS). That's the second straight quarter of declining growth or "the usual definition of recession," as the BBC pointed out.
Declining oil prices have hurt a number of countries worldwide, like Brazil or Russia, as well as U.S. towns that saw massive growth amid a fracking boom. Nigeria was hit especially hard by the decline in oil since crude oil sales account for 70 percent of government income... http://www.ibtimes.com/nigeria-recession-2016-economy-slumps-oil-woes-continue-2409859
CNN MONEY.... NIGERIA SLUMPS INTO RECESSION
The oil crisis is still biting. Nigeria slumped into recession and Norway's economic growth slowed to a standstill in the second quarter. Both countries rely on oil for a big chunk of their exports and have been hit hard by the collapse in prices. Oil has recovered from February's low of just over $26 per barrel but the current price of about $46 is still less than half what producers were getting just two years ago. Nigeria's second quarter GDP fell by more than 2% compared to last year, after slipping by 0.4% in the first quarter. Two consecutive quarters of decline mean Nigeria is now officially in recession. Nigeria isn't only hurting from low prices. Its oil output also fell sharply because ... https://www.yahoo.com/finance/m/05fc2ad1-8cb6-389d-8039-082e2d196d9c/nigeria-slumps-into.html
Which way Nigeria? are we heading towards a RED ECONOMY? where do we go from here? The economy they said was bad, so Jonathan and his PDP where voted out and the almighty APC and Buhari were brought in to take Nigeria to the promise land. More than a year after, Nigeria has moved from being the biggest African economy to being a country in recession. Prices of commodities are sky rocketing every day, the naira is losing its value on daily basis and the question is, where are these new leaders taking Nigeria to? Can they halt this recession and return Nigeria to the path greatness? This is not the time for political propaganda, this is not the time for promises, this is the time for action and blaming Jonathan and PDP won't solve the problem, PDP didn't lead Nigerian economy into recession, APC did and they still have time to atleast return Nigeria to where PDP left it and maintain that level if they can't improve on it.
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