Nigeria's economy contracted by 1.5 pct in 2016

PUBLISHED: Tue, 28 Feb 2017 08:46:29 GMT

Nigeria’s gross domestic product contracted by 1.5 percent in 2016, the National Bureau of Statistics said on Tuesday

Africa’s largest economy slid into recession for the first time in 25 years in the second quarter of 2016 as a slump in crude prices hammered the OPEC member’s public finances. Crude sales make up two-thirds of government revenue.

Fourth quarter output shrank by 1.3 percent, the statistics office said.

(Reporting by Chijioke Ohuocha and Ulf Laessing)

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