Nigeria has officially entered recession

 Sadly,Nigeria has officially entered recession after two consecutive quarters of contraction.

Gross domestic product shrank by 2.06% in the second quarter of 2016, following a 0.36% shrinking in the first quarter, according to data released by the country's National Bureau of Statistics on Wednesday.

Those two consecutive quarters of economic shrinkage mean the country is in its first recession in more than 20 years.

Those two consecutive quarters of economic shrinkage mean the country is in its first recession in more than 20 years.Recession in Nigeria may be an unwelcome development, but it is not unexpected.