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