Nigeria’s economy enters recession in Q2
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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