Africa’s largest economy, the last in recession in 2016, the first in a generation, emerged the following year.
But the expansion has been fragile and the pandemic has hit the economy hard amid low oil prices. The continent’s largest oil exporter is based on crude oil sales of 90% of foreign exchange revenue.
“Real GDP in the third quarter of 2020 contracted for the time being consecutive quarter to -3. 62%,” said Yemi Kale, the general statistician, on Twitter. “The gdp accumulated for the first nine months of 2020 is -2. 48%,” he added.
The oil sector through 13. 89% in the third quarter compared to the expansion of 6. 49% at the same time a year earlier, according to the knowledge cited through Kale, while the non-oil sector fell by 2. 51% in the 3 months prior to September.
After the first case shown of COVID-19 in Nigeria at the end of February, blockades were imposed from March to early May on major cities: Lagos Economic Center and the capital, Abuja.
Restrictions have also been imposed in some states of the country and a ban has been imposed on interstate travel.
“The functionality of the economy in the third quarter of 2020 reflected the residual effects of traffic and economic activity restrictions implemented across the country in the first quarter in reaction to the COVID-19 pandemic,” statistics said in a report released Saturday.
“With the lifting of these restrictions, the reopening of business and the resumption of foreign and industry activities, some economic activities have returned to positive growth,” he said.
In the past, the government had said it expected the economy to contract by up to 8. 9% this year at worst without a recovery.
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