in Short

Nigeria GDP contracted 3.62%.

According to data released by the Bureau of Statistics, in the third quarter of 2020 Nigeria’s GDP contracted by 3.62%. A second decline as the country’s economic activity fell by 6% in the previous quarter.

The Bureau of Statistics attributed this recession to falling oil prices. The contribution of oil to GDP contracted in the third quarter by 13.89% against a drop of 6.63% in the second quarter of 2020. In addition, the average oil production, usually 2 million barrels per day, is now reduced to 1.4 million barrels.

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