Nigeria’s economy contracts 2.24% in Q3
Nigeria has an oil-dependent economy and crude oil production accounts for around 70% of government revenue. The data showed that Nigeria’s crude oil production fell to 1.63 million barrels of oil per day (bpd), down around 22% from 2.17 million bpd in the same period of last year.
Meanwhile, an ongoing depreciation of the naira also put a cap on manufacturing activities in the country, which has led to a 2.9% contraction in manufacturing due to rising costs of manufacturers’ business operations.
According to the International Monetary Fund (IMF), the Nigerian economy will shrink by 1.7% this year.
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