Nigeria’s Gross Domestic Product, GDP, has hit its lowest level in 25 years, recent figures from the National Bureau of Statistics, NBS, has revealed.
The GDP report released by the NBS on Friday says the country’s economy has crashed to a 25-year low of -0.36 percent.
NBS says Q1 GDP declined to -0.36 percent from 2.11 percent in Q4 2015 and 3.96 percent in Q1 2015.
The last time the Nigeria economy grew below 1 percent was in 1999, a few months after the return of democracy in May, 1999.
According to World Bank figures, the economy had a regression of -0.3 percent in 1995, and -0.6 percent in 1991.
Yemi Kale, the statistician general of the federation, who unveiled the report added that the oil, industries, power and manufacturing sectors of the economy shrunk in the period under review.