Nigeria has slipped into recession, with the latest growth figures showing the economy contracted 2.06% between April and June. The country has now seen two consecutive quarters of declining growth, the usual definition of recession.
Its vital oil industry has been hit by weaker global prices, according to the Nigerian Bureau of Statistics {NBS}. But the government says there has been strong growth in other sectors. Crude oil sales account for 70% of government income. The price of oil has fallen from highs of about $112 a barrel in 2014 to below $50 at the moment. Read More Here @ BBC
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