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Nigeria’s economy enters recession in Q2

by ChemOrbis Editorial Team -
  • 05/09/2016 (13:53)
According to media reports, data released by Nigeria’s National Bureau of Statistics showed that the country’s economy officially entered into recession in the second quarter of this year for the first time in more than 20 years. The Nigerian economy contracted by 2.06% in the April-June period following a 0.36% shrinking in the first three months. The ongoing deceleration in the economy was led by stagnant activities both in oil and non-oil sectors.

Economists think that recession was imminent for the Nigerian economy as lower oil prices as well as crude oil disruptions in the Niger Delta area stemming from militant attacks hit the oil-dependent country’s economic growth. Nigeria is the largest crude oil producer of the African continent, producing around 2.4 million barrels a day.

In addition, Nigeria’s economy also suffered from slowing manufacturing activities, ongoing foreign exchange shortages, rising inflation and tighter monetary policy.
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