Saturday, Sep 19th 2020 1:03 PM
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Market Digest Nigeria

Economy

Nigeria’s economy contracts by 6.1% y/y in Q2 – stats office

Nigeria’s economy contracted by 6.1% in the second quarter of 2020 from a year earlier, the statistics office said on Monday, as lockdowns in its two main cities and low oil prices took their toll. 

The West African country, which has Africa’s largest economy and is the continent’s top oil producer, reported its first coronavirus case in late February. It imposed lockdowns lasting just over a month in commercial hub Lagos and the capital Abuja which ended in early May. (Reporting by Alexis Akwagyiram and Bangalore Newsroom; Editing by Toby Chopra)

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