New official data released on Monday shows that Nigeria’s economy contracted in the third quarter as businesses struggled to access foreign exchange and militants continued to bomb oil pipelines in the restive Niger Delta region.
This was a further deterioration on the 2.06 per cent contraction in the second quarter, which marked the official start to the nation’s first recession in more than two decades.
“Oil output in the third quarter was 1.63m barrels a day compared to 2.17m in the same period last year, stripping out the oil industry, GDP grew 0.03 per cent between July and September”, Dr. Yemi Kale, the head of Nigerian National Bureau of Statistics stated in a series of tweets on Monday morning.
He added that year-to-date, GDP has contracted 1.58 per cent, “meaning Nigeria needs growth in Q4 of 4.32 per cent to avoid full year negative growth”.
The slump in oil prices since mid-2014 has hit Nigeria hard while production was also disrupted by a fresh insurgency in the Niger Delta.
GDP shrank 0.36 per cent in the first three months of the year.
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