Nigerian economy has continued in recession as persistent low oil prices, weak currency exchange rates, falling sales and rampant levels of inflation are putting increasing pressure on businesses as the fourth quarter report emerged.
Africa’s largest economy sees its business confidence fall to lowest levels on record, in the fourth quarter of October to December, according to London-based World Economics.
Nigeria’s December Sales-Managers’ Index – measuring growth across the country, reveals a continuation of the recession gripping the economy since the new year started.
World Economics says business confidence reduces steadily for four years, and is now at the lowest level recorded in the survey’s history.
Overall, conditions in Nigeria remain challenging with little sign that the economy will exit recession over the coming few months.