{"id":9629,"date":"2016-11-21T12:08:06","date_gmt":"2016-11-21T11:08:06","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9629"},"modified":"2016-11-21T12:08:06","modified_gmt":"2016-11-21T11:08:06","slug":"nigerias-economy-shrinks-by-2-2-in-third-quarter","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-economy-shrinks-by-2-2-in-third-quarter\/","title":{"rendered":"Nigeria\u2019s economy shrinks by 2.2% in third quarter"},"content":{"rendered":"

\"images\"<\/a><\/p>\n

Nigeria\u2019s economy shrinks by 2.2% in third quarter<\/strong><\/p>\n

Despite claims of growth, the Nigeria\u2019s economy in the third quarter contracted as businesses struggled to access foreign exchange and rebels continued to bomb oil pipelines in the restive south, official data showed Monday.<\/p>\n

\u201cThe nation\u2019s gross domestic product (GDP) contracted by -2.24% year-on-year,\u201d the country\u2019s National Bureau of Statistics said in a report.<\/p>\n

According to Agence France-Presse, the Nigerian economy is reeling and bruised following the crash in global oil prices from over $100 a barrel in 2014 to around half that today.<\/p>\n

A contraction appeared inevitable when militants renewed attacks on the country\u2019s oil infrastructure, strangling production that accounts for around 70 per cent of government revenue and the bulk of Nigeria\u2019s export earnings.<\/p>\n

The relentless sabotage has put the Nigerian government under pressure as economists increasingly question whether President Muhammadu Buhari can pull the country out of recession.<\/p>\n

\u201cDuring the period under review, oil production averaged at 1.63 million barrels per day (bpd),\u201d the statistics agency said.<\/p>\n

That is a 22-percent drop from the same period last year, when Nigeria was producing 2.17 million bpd.<\/p>

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Manufacturing also took a big hit, shrinking by 2.9 percent in the wake of a devalued naira and currency controls that have curbed trade.<\/p>\n

\u201cThis is partly due to the continued fall in the exchange rate, which makes imported inputs more expensive, thereby increasing business costs,\u201d the statistics agency said.<\/p>\n

\u201cThis is greatly a result of the continued fall in (the) naira to dollar rate which translates to much higher cost of business operations.\u201d<\/p>\n

In early 2016, Buhari had vowed not to \u201ckill the naira\u201d by letting it fall in value, in opposition to depreciations by fellow major oil exporters Angola and Russia.<\/p>\n

His government tried to prop up the naira for months, but that drained foreign currency reserves and it eventually abandoned the currency peg in June.<\/p>\n

A dollar shortage persists, with black market rates hovering around 440 naira to the dollar this month compared to the official bank rate of approximately 320 naira to the dollar.<\/p>\n

The economic troubles look to last, with peace talks between the Nigerian government and oil rebels falling apart this month \u2014 the Niger Delta Avengers claimed they bombed three pipelines last week \u2014 and foreign investors steering clear until they see a more coherent currency policy.<\/p>\n

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Nigeria\u2019s economy shrinks by 2.2% in third quarter Despite claims of growth, the Nigeria\u2019s economy in the third quarter contracted as businesses struggled to access foreign exchange and rebels continued to bomb oil pipelines in the restive south, official data showed Monday. \u201cThe nation\u2019s gross domestic product (GDP) contracted by -2.24% year-on-year,\u201d the country\u2019s National …<\/p>\n","protected":false},"author":11,"featured_media":9630,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,410,740,1206,575],"coauthors":[2392,2393],"class_list":["post-9629","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","category-politics","tag-cbn","tag-market","tag-nse","tag-pencom","tag-sec"],"yoast_head":"\nNigeria\u2019s economy shrinks by 2.2% in third quarter - 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