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Nigeria’s economy contracts first time in 25 years

by ChemOrbis Editorial Team -
  • 02/03/2017 (14:03)
According to media reports, Nigeria’s economy contracted by 1.5% in 2016, which was the first time it shrank in 25 years.

This contraction was driven by the lower oil revenues as the country’s oil production was down to 1.833 million barrels/day in 2016 from 2.13 million barrels/day in 2015. This fall was also reflected in crude sales constituting the two-thirds of government revenue.

The International Monetary Fund had expected the country’s economy to shrink by 1.8% in 2016, while a Reuters’ poll had estimated a drop in economic growth by 1.2%.

The economy is expected to recover slowly in line with the slowdown in monthly inflation, higher government spending on infrastructure and an increase in oil production, the reports revealed.

The government reportedly aims the economy to grow by 7% by 2020.
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