Economy shrinks again, MAN, LCCI see recovery in third quarter

The National Bureau of Statistics on Tuesday released the Gross Domestic Product report for the first quarter of this year, which showed that the economy contracted by 0.52 per cent in the period.

With the negative growth rate of -0.52 per cent, the Nigerian economy is still in recession.

The rate of growth for the first quarter of 2017 is, however, an improvement over the revised -1.73 per cent GDP growth rate as of December 2016.

This is the fifth consecutive quarter of contraction that the economy would record since the first quarter of 2016.