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2017.05.2306:40:00UTC+00Nigerian economy falls 0.52 percent in first quarter

Nigeria's National Bureau of Statistics said on Tuesday that the Nigerian economy declined 0.52 percent in the first quarter of the year compared to a 0.67 contraction in the corresponding quarter in the previous year.

Nigeria's GDP registered its first annual contraction in 25 years after falling by 1.5 percent in 2016 due to lower oil revenue and a shortage of hard currency.

The statistics bureau said the average oil production in the OPEC member state stood at 1.83 million barrels per day in the first quarter.



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