The Nigerian economy is in recession and seems to be at its ever lowest point in recent history. The GDP grew negatively by -0.36 percent in the first quarter of 2016 and there are indications that the second quarter may be negative. Unemployment is high at the official rate of 12.1percent; exports dipped by 34.6% while imports dipped by 7.8percent in Quarter 1 of 2016. The headline inflation index for the month of June 2016 stands at 16.5%. This is the fifth consecutive month of increase in inflation rate and up from a single digit rate in 2015.
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State Of The Economy: Overcoming The Economic Recession.