Economics

Biggest African Economy Now In Recession as Oil Output Drops

Nigerian GDP contracts 3.6% in third quarter from year earlier
Oil production at the lowest in four years after OPEC+ cuts

Vendors sell fresh produce at a market in Abuja. — Vendors sell fresh produce at a market in Abuja.
Photographer: KC Nwakalor/Bloomberg

Have a confidential tip for our reporters? Get in Touch

Before it’s here, it’s on the Bloomberg Terminal

By Ruth Olurounbi

November 21, 2020 at 5:08 AM EST

Updated on

November 21, 2020 at 7:18 AM EST

This article is for subscribers only.

Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter

Africa’s largest economy has slumped into a recession in the third quarter as oil production dropped to a four-year low.

Have a confidential tip for our reporters? Get in Touch

Before it’s here, it’s on the Bloomberg Terminal