
Minister of Finance, Kemi Adeosun
The full picture of Nigeria’s economic gloom was laid bare yesterday.
The National Bureau of Statistics (NBS) released its indices which showed that the economy had contracted for the second consecutive quarter.
Finance Minister Kemi Adeosun, speaking after the Federal Executive Council (FEC) meeting in Abuja, described the country as being in its “worst possible time”, but stressed there is a silver lining.
In its second quarter report, the NBS put the inflation rate at 17.1 per cent, It said the Gross Domestic Product (GDP) had contracted by 2.06 per cent in the second quarter. The economy contracted by 0.36 per cent in the first quarter.
The crisis is largely due to over dependence on oil as the mainstay of the economy over the years. It constitutes 70 per cent of Nigeria’s GDP and over 90 per cent of the value of its exports.