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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Upsurge continues to wreak havoc on Turkey’s PP, PE markets
- PVC rally roars back in Asia as supply worries mount
- China PP, PE markets join global rally after Lunar New Year holiday
- PE, PP and PVC supply crunch exacerbated on US absence, traditional trade flows upended
- European PP, PE markets set for 5th bullish month as shortage bites
- Turkey shattered as PP prices shoot up to surreal levels
- Polymer markets face one of most chaotic times
- Turnaround season set to get underway in Asia
- Crude oil heals COVID-inflicted wounds; now what lies ahead?
- Global shipping turmoil deepens, adding to the upheaval in plastic resins