Nigeria, Africa’s biggest economy is in recession for the first time since 2016. The recession four years ago was its first in a generation, and the country emerged from it the following year. The continent’s top oil producer and exporter relies on crude sales for 90 percent of foreign exchange earnings.
Nigeria normally accounts for an average output of two
million barrels per day. But the effects of the pandemic and low oil prices
have cut production to approximately 1.4 million barrels.
“Q3 2020 Real GDP contracted for second consecutive quarter
by -3.62 percent,” Yemi Kale, the statistician general, said on Twitter on
Saturday.
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