Nigeria slips into recession blamed on COVID-19 and oil prices
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.
Nigeria normally accounts for an average output of two million barrels per day. But the effects of the pandemic and low oil prices have cut production to approximately 1.4 million barrels.
“Q3 2020 Real GDP contracted for second consecutive quarter by -3.62 percent,” Yemi Kale, the statistician general, said on Twitter on Saturday.
“Cumulative GDP for the first nine months of 2020 therefore stood at -2.48 percent,” he added.
Oil sector hit hard
The oil sector contracted by 13.89 percent in the third quarter against growth of 6.49 percent in the same period a year earlier, according to data cited by Kale, while non-oil sectors shrank by 2.51 percent in the three months to September.
Following Nigeria’s first confirmed COVID-19 case in late February, lockdowns were imposed from late March until early May in the main cities – economic hub Lagos and the capital, Abuja.
Lockdowns were also imposed in some of the country’s other states and a ban was placed on interstate travel
ts of the restrictions to movement and economic activity implemented across the country in early Q2 in response to the COVID-19 pandemic,” the statistics office said in a report published on Saturday.
“As these restrictions were lifted, businesses reopened and international travel and trading activities resumed, some economic activities have returned to positive growth,” it said.
The government had previously said it expected the economy to contract by as much as 8.9 percent this year in a worst-case scenario without stimulus.
The International Monetary Fund has forecast a 5.4-percent drop in Nigeria’s GDP this year.
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Like our page on facebook @ Info4everybody Last Wednesday, we published the success story from Dr. Vladimir Zelenko, a board-certified family practitioner in New York, after he successfully treated 350 coronavirus patients with 100 percent success using a cocktail of drugs: hydroxychloroquine, in combination with azithromycin (Z-Pak), an antibiotic to treat secondary infections, and zinc sulfate. Dr. Zelenko said he saw the symptom of shortness of breath resolved within four to six hours after treatment. Do you know that the ancient Egypt were civilized by architects from the (500,000 - 4000 BC) Nsukka Civiliation? Now, Dr. Zelenko provides updates on the treatment after he successfully treated 699 COVID-19 patients in New York. In an exclusive interview with former New York Mayor, Rudy Giuliani, Dr. Vladmir Zelenko shares the results of his latest study, which showed that out of his 699 patients treated, zero patients died, zero patients intubated, and four ho
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Copied from the Book; " Reality as Myth " by Onyeji Nnaji The beauty of the discovering of the Radar Rivers and their channels is that it disproves the western hegemonic claim of the Euphrates valley being the position of the birth of the great river, all the points that opposed their claims notwithstanding. Even God himself was very perfect in His creation by placing them in their positions, hierarchically, according to their birth. The first river that flowed located the Havilah land where there are good quality gold, bdellium and fine onyx stones. Pison was the oldest of the rivers and it flowed through the land of the southern Africa. The second river flowed northward to Ethiopia. It was when Africa had been overtaken by virtue of her proximity to the Great Water that other parts of the world began to encounter the remaining river; remarkable with Hiddekel. Subscribe to ajuede.com to be updated on our posts on dailies. The major problem towards
STRICTLY FOR COUPLES … You will know that the man is the head while you are his neck. As such, you direct his focus and make him fixative Our series include the following : * Show him what he looks out for from other women * Teach him like he knows nothing * Learn to play naked games with your husband * Learn to package yourself * Learn to work on your husband M y neighbour had v owed never to let any girl survive as a salesgirl in my shop. This thing has happened for over three times. Each time we brought a new salesgirl, the girl would stay for two or three months; and suddenly she would end her contract with us. In all these, my husband did not know. So, being that the girls usually stole money and other items, the reason for their departure became genuine, thus: they ran away to avoid being punished for their actions. But behind this, the underlying truth is that the girls had been embarrassed by my neighbour who would warn them to leave her loosed husband. Re
Strictly for Couples T he biggest risk every marriage faces is what I call the retiring time. There is actually no retiring time for marriage as the union directly speaks of itself. But many marriages normally do have certain time in their history when the couples begin to ware away from the other like a baked clod-and-pebble. By this time the parties find it difficult to retrace the path that once brought them together. You may have heard “I don’t think I sought your hands in marriage with clear eyes”. Next, they may say that the other used means on them. It is not always so, even when some people believe that someone could use means as a wooing instrument. Some of the causes of such situations have been discussed in the series 1 through 3. But when someone does not have any of these problems discussed in the series, then it is simply that such a wife needs to make herself look relatively younger that her age to enforce attraction on her husband. To do this one need
Copied from the book, Reality as Myths by Onyeji Nnaji T he world of the Bantu travellers shows the walls of the migration that recorded the highest population among the African settlement. Originating from the largest population among the four races that settled in the east before time, all Bantu travellers were pygmies; for that was the nature of the Umudiala, the generation that gave birth to them. Bantu migration was rated the third earliest migration of the Negro race from the east. In this regard, all their movement had involved great population of people compared to the number of people involved in the two earlier populations that gave birth to Ethiopia, Nubia and Egypt: the Walker Traveller, and the Race of Anu. Bantu population as we have identified in the third chapter above outweighs the rest of the population of the ancient fathers that founded many of the nations of antiquity mentioned earlier. Discussing them in beat will pose a little challenge since
T he name Nkalaha is a coinage which stands for a people occupying a geographical land and regional setting in the eastern part of Nigeria. It is a coinage which attempts to explain the direction of movement and adventure of the men who founded the community in the 15th century AD. According to oral sources and some documentation about this community, some of these men were believed to have traveled from Ida, old Benue state of Nigeria to inhabit the land. These men had traveled on different days to locate the place. Onojah who originally founded the land was said to have been in a deep search for a place of safety as he was besieged by a fate that appeared to make him somewhat incompatible with his own people. Other works bothering on Nkalaha are stated below. Touch any of the topics and read them to increase your understanding of your home. Make comments where necessary. The History of Nkalaha language Myth and the Nkalaha world The negative effects of politics in Nkalah
The Mystery of Number, “Five” in the Igbo Cosmology. From: Aspects of the Ancient African Metaphysics; Chapter: Seven; Topic: Igbo Geometries and the Metaphysics of Numbers. Author: Onyeji Nnaji. I n the Igbo cosmology, the word Isee is a definite symbolic word as revealed through the Igbo language and culture. A human being has five fingers, five toes. The hands and feet are fundamentals to the survival in life as they are necessary in ensuring that man moves to places where he gets food and grapples on the food to sustain his life. To this view, the rhetoric that binds vocatives in the form of incantation (anchoring on the heart-lock: four ) and the concomitant reprisal in the manner of affirmation that holds the human life bind to his original spiritual person, therefore defining existence and essences are unified by the corresponding echo: Isee!!!!! Therefore it stands that anytime a prayer is said in the Igbo land, the attendants who would want the fulfillment of the
INTRODUCTION One thing that made Udi remarkable is the indubitable legacy adopted in commemoration of the legendry fighter, Uto at Nsude. It was one of the greatest contributions of the descendants of Agbaja to the survival of Nsukka civilization of memory. Uto held from Oshie. Uto dies of small pox after a mercenary battle he was hired to fight in the ancient Benin. His body was buried in the evil forest as the tradition demanded. Although he lived no longer, the stepped pyramids above were adopted to commemorate the lasting peace he brought to the entire Oshie and Udi nation of people. Another remarkable thing about Udi is the fertility of the land. This has contributed widely in sustaining the inhabitants and provided a name for the inhabitants in the manner of Abakaliki, Umudike, Ogbaru, Igboariam, Ohaji, Uzouwani, etc., especially in Amofia-Agu, Affa. Udi is a land of great rivers and springs: Adaada, Ajali, Oji, Aria, Nvenu, Ngene Evu, Iyi Ububo, etc. as was the situ
There are four generations…, and the fourth generation, which is the most exalted, is kingless and perfect. These people will enter the holy place of their Father and they will reside in rest … They are kings. They are the immortal within the mortal ( The Nag Hammadi, 219 ) Also read Nsukka Civilization: The Peopling of Ancient Nsukka One of the African homes that colonialism has completely deformed beyond certain level of recognition is Nsukka. Colonialism apart, the most affecting factor to the survival of the meaning which the rich cultural enclave, Nsukka, carries will best be blamed on postcolonial political structure. The biggest harm all these have against Nsukka as a people is that they rubbed her of the meaning of her name; their place of origin; how their fathers managed to come into their present abodes and who their ancestors were. A profound understanding of the excerpt above will open the door towards deciphering the meaning and origin of the people call