Nigeria is headed for a 'full-blown economic crisis- Business Insider reports

Business Insider , an American Business magazine, reports that
Nigeria is heading for a full blown economic crisis due to lower oil
prices and the government's Foreign exchange and Price Control
policies. Read the report below...

Nigeria's economic crisis is getting worse. On Friday the
Nigerian Bureau of Statistics revealed that the country's
economy shrank by 0.4% year-over-year in the first
quarter — way worse than expected.

Economists were expecting the country to grow by 1.8%
year-over-year, according to the Bloomberg consensus. And
now analysts aren't feeling too good about the situation
going forward. "We have long warned of a slow-burning
crisis in Nigeria," Capital Economics' Africa economist John
Ashbourne said. "It now seems that this view was too
optimistic: the country is headed into a full-blown economic
crisis." Nigeria continues to suffer from numerous economic
headaches, (which analysts have more or less deemed a
failure). The biggest drop in growth was in Nigeria's
manufacturing sector, which Ashbourne wrote was crushed by
the country's FX policies.

"This is very bad news for Nigeria's government, which has
justified the current FX system as a method of promoting
non-oil industries," Ashbourne said. "It is now clear that
these policies have — as we'd long argued — made a bad
situation worse."

Still, the scariest thing about this latest gross-domestic-
product number is that it doesn't factor in any of the
debilitating problems Nigeria has seen in the second quarter,
including but not limited to the fuel-shortage crisis and
some of the oil-production disruptions by theNiger Delta
Avengers. In short, Ashbourne concluded grimly, "the worst
is yet to come."