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For the third quarter 2016, Nigeria’s Gross Domestic Product (GDP) dropped by 2.24 per cent. Data released on Monday by the National Bureau of Statistics (NBS) revealed that Nigeria’s economy shrunk by 2.06 per cent due to revenue shortage, foreign exchange shortage and volatile naria-dollar parity.
According to the report, oil sector dropped by 22.01% in the third quarter ended September, while non-oil sector grew 0.03 per cent.
Also, Oil sector contribution to GDP was seen at 8.19 per cent and non-oil sector contribution to GDP was higher at 91.81 per cent.
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