The Gross Domestic Product of Nigeria has taken a negative turn as it shrank significantly in the fourth quarter.
The National Bureau of Statistics on Tuesday released the Gross Domestic Product growth rate for the country with the economy recording a contraction of -1.3 per cent in growth rate in the fourth quarter of 2016.
The NBS in the report explained that in real terms, the economy recorded a decline of N240.8bn from N18.53trn in the fourth of 2015 to N18.29trn in the fourth quarter of 2016.
The negative decline of 1.3 percent, according to the NBS report was less severe than the negative decline of 2.24 percent recorded in the third quarter of 2016.
It reads in part, “In the fourth quarter of 2016, the nation’s Gross Domestic Product contracted by-1.30 percent (year-on-year) in real terms, from N18.53trn in Q4 2015 to N18.29trn.”