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Nigeria's Slump Persists as GDP Shrinks for Fifth Quarter

  • IMF forecasts a recovery with 0.8% GDP growth in 2017
  • Economy contracted in 2016 for first time in 25 years
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Nigeria’s economy continued its slump and contracted for a fifth consecutive quarter in the three months through March after the oil industry shrank and agricultural expansion slowed.

Gross domestic product in Africa’s most-populous nation shrank 0.5 percent in the first quarter from a year earlier, compared with a revised 1.7 percent contraction in the final three months of 2016, the Abuja-based National Bureau of Statistics said in an emailed statement Tuesday. The median of eight economist estimates compiled by Bloomberg was for the economy to expand by 0.3 percent.