NIGERIA’S ECONOMY SLIPS INTO RECESSION: STATISTICS OFFICE
ABUJA – Oil-rich Nigeria, Africa’s greatest economy, slipped into downturn for the second time in four years, hit by both the Covid pandemic and falling oil costs, official figures uncovered Saturday.
The second from last quarter 2020 genuine GDP shrank for a second sequential quarter by 3.62%, said the National Bureau of Statistics (NBS) said Saturday.
“Total GDP for the initial 9 months of 2020 in this way remained at – 2.48 percent,” it added.
The organization accused falling oil costs and the impacts of the Covid pandemic.
Gross domestic product identified with oil shrank by 13.89%, contrasted with 6.63 in the subsequent quarter, said the second from last quarter report.
Non-oil GDP shrank 2.51% over a similar period, contrasted with 6.05 percent in the subsequent quarter.
As of now in the subsequent quarter, Nigeria’s economy shrunk by six%.
Nigeria’s economy was rearward in downturn in 2016, its first in over twenty years. While it arose in 2017, development from that point forward has been drowsy.
The International Monetary Fund has figure a 5.4% drop in Nigeria’s GDP this year. The public authority has said the economy may contract by as much as 8.9%.
Nigeria is Africa’s top oil maker, typically representing a normal yield of 2,000,000 barrels for every day. Yet, the impacts of the COVID-19 pandemic and low oil costs have sliced creation to around 1.4 million barrels.