Nige­ria’s re­ces­sion deep­ens in third quar­ter, oil pro­duc­tion fall

The Star (Kenya) - - News -

REUTERS/ Nige­ria’s re­ces­sion deep­ened in the third quar­ter, with a 2.24 per cent con­trac­tion in gross do­mes­tic prod­uct, the Na­tional Bureau of Sta­tis­tics said yes­ter­day. Oil pro­duc­tion fell to an av­er­age 1.63 mil­lion bar­rels per day, down from 1.69 mil­lion in the sec­ond quar­ter, the of­fice added. Africa’s largest econ­omy slid into re­ces­sion for the first time in 25 years in the sec­ond quar­ter, when a slump in crude prices con­tributed to a 2.06 per cent con­trac­tion in the econ­omy. Crude sales make up twothirds of gov­ern­ment rev­enue. A se­nior Moody’s an­a­lyst told Reuters that Nige­ria’s econ­omy could ex­pand by 2.5 per cent next year as long as it can pro­duce 2.2 mil­lion bar­rels per day.

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