Nigeria has said it will delay the publication of key economic statistics, including Gross Domestic Product (GDP) data that are expected to officially confirm the West African economy is in recession.
The outgoing head of the country’s statistics agency, Yemi Kale said second-quarter GDP data will “now be released 31 August”, along with figures on trade and employment. “We regret any inconvenience the delay has caused,” he wrote.
The figures are usually released by the National Bureau of Statistics (NBS) in the third week of August. Last year, they were published on August 25.
The International Monetary Fund last month slashed its Nigeria forecast, predicting the economy would contract by 1.8 per cent due to low oil prices and a wobbly government response that is widely believed to have made matters worse.
The International Monetary Fund last month slashed its Nigeria forecast, predicting the economy would contract by 1.8 per cent due to low oil prices and a wobbly government response that is widely believed to have made matters worse.
However, the fall into recession will not be official until the country’s second quarter GDP figures are released.
South Africa overtook Nigeria as the continent biggest economy as GDP figure base on prevailing exchange rate put the former apartheid enclave ahead on the West African country.
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