Recession to now end in September, Nation’s economy shrink again

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Godwin Emefiele, CBN governor

Nigeria’s economy contracted again in the first quarter, data showed on Tuesday, but the Central Bank of Nigeria, CBN, expects Africa’s biggest economy to return to growth by the end of the third quarter thanks to higher foreign exchange inflows.

Africa’s biggest economy shrank by 1.5 percent in 2016 for its first annual recession in 25 years, hit by a shortage of hard currency and lower revenues from its dominant oil sector as world crude prices remained under pressure.

Gross domestic product shrank a further 0.52 percent year-on-year in the first quarter, the National Bureau of Statistics (NBS) said on Tuesday, but less than the revised contraction of 1.73 percent in the fourth quarter.

Hours after the figures were published, CBN Governor, Godwin Emefiele said the monetary policy committee voted to keep the benchmark interest rate at 14…

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