Nigeria’s economic crisis is getting worse. On Friday, the Nigerian Bureau of Statistics revealed that the economy shrank by 0.4% in the first quarter year-over-year — which was way worse than expected. Economists were expecting the country to grow by 1.8% year-over-year, according to the Bloomberg consensus. And now, analysts aren’t feeling too good about the situation going forward.
“We have long warned of a slow-burning crisis in Nigeria. It now seems that this view was too optimistic: the country is headed into a full-blown economic crisis,” argued Capital Economics’ Africa economist John Ashbourne. Nigeria continues to suffer from numerous economic headaches including lower oil prices. READ MORE