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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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
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. Nkalaha is one of the communities that make up Ishielu Local Government Area of Ebonyi State. Nkalaha occupied the northern part of Ishielu Local Government Area. She is located through the zip 135.031.000. The community sits on 923.768km 2 . She shares boundaries
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
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