Xinhua
22 Nov 2020, 07:48 GMT+10
ABUJA, Nov. 21 (Xinhua) -- Nigeria's economy has slipped into recession for the second time in four years as oil prices plunged amid the COVID-19 pandemic, official data released on Saturday shows.
The country's gross domestic product (GDP) contracted by 3.62 percent year-on-year in real terms in the third quarter of 2020, the National Bureau of Statistics (NBS) reported.
"Cumulative GDP for the first 9 months of 2020, therefore, stood at -2.48 percent," the NBS said.
The economy shrank by 6.1 percent in Q2, indicating that two consecutive quarters of negative growth have been recorded in 2020, the NBS said.
With the two consecutive quarters of economic contraction, Nigeria -- Africa's largest economy -- has officially slipped into recession.
In 2016, the biggest oil producer in Africa fell into recession, the first time in over two decades. Since emerging in 2017, it has been seeking ways to fully recover from the slowdown.
The statistics bureau classified the Nigerian economy into the oil and non-oil sectors. It blamed the slow oil production and the COVID-19 pandemic for the economic contraction.
For the oil sector, it said that the average daily oil production recorded in the third quarter of 2020 stood at 1.67 million barrels per day, lower than the average production recorded in the same quarter of 2019 and the production volume recorded in the second quarter of 2020.
The real growth for the oil sector was -13.89 percent year-on-year in Q3 2020, indicating a sharp contraction of 20.38 percent relative to the rate recorded in the corresponding quarter of 2019.
The NBS added that the oil sector contributed 8.73 percent to total real GDP in Q3 2020, down from 9.77 percent and 8.93 percent respectively recorded in the corresponding period of 2019 and the preceding quarter in 2020.
Get a daily dose of New York Statesman news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Statesman.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...