Nigeria's GDP continues to shrink amid recession

Nigeria's Gross Domestic Product (GDP) has continued to shrink amid an economic recession which the country officially entered in September.

Figures released Monday by the National Bureau of Statistics (NBS) showed that the GDP in real terms contracted by 2.24 percent year-on-year in Q3 of 2016.

The NBS report indicated that during the period under review, oil production averaged at 1.63 million barrels per day, lower from production in second quarter of 2016.

The production of oil by Nigeria was also lower when compared to the corresponding quarter in 2015 by 0.54 million barrels per day when output was recorded at 2.17 million barrels per day, the report showed.

Oil is Nigeria's mainstay, and the West African nation's economy can be more clearly understood according to the oil and non-oil sector classifications.

According to the released data, growth in the non-oil sector was largely driven by the activities of agriculture or crop production, information and communication and other services.

"The non-oil sector grew by 0.03 percent in real terms in the third quarter of 2016, reversing the last 2 quarters of negative growth recorded in first and second quarter," the NBS said.

Local economic experts said a GDP growth of at least 4.32 percent in Q4 of 2016 would show an improvement in the nation's economy and possible way out of recession.

Nigeria's economy began to record a negative 0.36 growth in Q1 of 2016 and contracted 2.06 percent in Q2. Endit