Yemi Kale Nigeria city Lagos city Abuja covid-19 2020 pandemic economy Yemi Kale Nigeria city Lagos city Abuja

Nigeria slips into recession, weighed down by Covid-19 and oil prices

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LAGOS/ABUJA: Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to data released on Saturday which showed the impact of the COVID-19 pandemic and low oil prices.Africa's biggest economy was last in recession in 2016, its first in a generation, and emerged the following year.But growth has been fragile and the pandemic has hit the economy hard, amid low oil prices.

The continent's top oil exporter relies on crude sales for 90% of foreign exchange earnings."Q3 2020 Real GDP contracted for second consecutive quarter by -3.62%," Yemi Kale, the statistician general, said on Twitter.

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