According to the Nigerian Bureau of Statistics (NBS), the country’s gross domestic product (GDP) for the second quarter of 2016 contracted by 2.06 percent to record its lowest growth rate in three decades to send Africa’s biggest economy into a recession.
It was celebration galore on Monday when President of the Dangote Group and Africa’s richest man, Alhaji Aliko Dangote led other dignitaries to flag off Nigeria’s first full-fledged technology bank, SunTrust Bank.
Nigeria's central bank raised its Monetary Policy Rate (MPR) by 200 basis points to 14.0 percent due to its concern over a significant rise in inflation but also recognized that it lacks the instruments to jumpstart growth and cannot undermine its primary mandate and stability of the financial system.
Nigeria’s annual inflation moved to the highest rate in almost 11 years in June, complicating the task of the Central Bank of Nigeria (CBN).
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