The country’s economy shrinks two quarters in a row amid contraction in its oil sector.
A view shows part of Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos [File: Reuters]
Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to official data released.
Africa’s biggest economy is in recession for the first time since 2016. The recession four years ago was its first in a generation, and the country emerged from it the following year.
However, growth has been fragile and COVID-19 has hit the economy hard, amid low oil prices.
The continent’s top oil producer and exporter relies on crude sales for 90 percent of foreign exchange earnings.