The National Bureau of statistics has released the Gross Domestic Product figures for the second quarter of 2016.
In the report, the GDP growth rate slid further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.
This negative financial growth rate is a testament to the predictions of the Federal Government and economists that the country was heading into recession.
According to the GDP report released by the NBBS: “In the second quarter of 2016, the nation’s Gross Domestic Product declined by -2.06 per cent (year-on-year) in real terms.
“This was lower by 1.70 per cent points from the growth rate of -0.36 per cent recorded in the preceding quarter and also lowers by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015 Quarter on quarter, real GDP increased by 0.82 per cent.”
This is the worst the country has depreciated since 1991.