Business
Nigeria's economy contracts 6.1% in Q2 2020 due to COVID-19 lockdowns and low oil prices
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The Nigeria National Bureau of Statistics has reported that the economy contracted by 6.1% in the second quarter of 2020 compared to the same period last year.
- The National Bureau of Statistics attributed the decline primarily to lower economic activity from COVID-19 lockdowns and reduced oil prices.
- Nigeria's crude oil production fell to 1.81 million barrels per day in Q2 2020, down from 1.98 million bpd in Q2 2019.
- The bureau earlier reported an unemployment rate of 27.1% in Q2 2020, while inflation rose to 12.82% in July, its highest in over two years.
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