No surprise hereWith oil prices slumping, it should be no surprise that Nigeria's economy suffers.
Nigerian economy slips into recession
Nigeria has slipped into recession, with the latest growth figures showing the economy contracted by 2.06% between April and June.
The country has now seen two consecutive quarters of declining growth, the usual definition of recession…
Crude oil sales account for 70% of government income.
The price of oil has fallen from highs of about $112 a barrel in 2014 to below $50 at the moment.
Outside the oil industry, the figures show the fall in the Nigerian currency, the naira, has hurt the economy. It was allowed to float freely in June to help kick-start the economy, but critics argued it should have been done earlier…
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