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21 Nov 2016

Nigeria's Recession Deepens, But Things are Starting to Look Good

Nigeria's economy has sunk deeper into recession, data from the National Bureau of Statistics, NBS, about its Q3 performance has stated.

Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter, when Nigeria fell into recession for the first time in 25 years.

In addition oil production fell to 1.63 million barrels per day, down from 1.69 million in the second quarter.

However non-oil part of the economy grew by 0.03 percent in the third quarter, compared with negative growth in the first two, which was "largely driven" by 4.54 percent growth in the farming sector.

In addition, a senior Moody's analyst said Nigeria's economy could expand by 2.5 percent next year if it could produce 2.2 million barrels of oil per day - the level at which the government made its budget calculations.


Reuters

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