Nigeria's economic crisis is getting worse. On Friday the Nigerian Bureau of Statistics revealed that the country's economy shrank by 0.4% year-over-year in the first quarter — way worse than expected. Economists were expecting the country to grow by 1.8% year-over-year, according to the Bloomberg consensus.
And now analysts aren't feeling too good about the situation going forward. "We have long warned of a slow-burning crisis in Nigeria," Capital Economics' Africa economist John Ashbourne said. "It now seems that this view was too optimistic: the country is headed into a full-blown economic crisis." Read More Here
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