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UPDATE 1-Nigeria says Q3 and Q4 GDP to reflect further economic slowdown -presidency

Published 26/08/2020, 16:00

(Adds quote, details)
ABUJA, Aug 26 (Reuters) - Nigeria expects the third and
fourth quarters to reflect the continued effects of a slowdown,
after the economy contracted by 6.1% in the second quarter, the
presidency said on Wednesday.
Nigeria, Africa's largest economy and top oil producer,
faces its worst crisis in four decades due to low crude prices,
and the impact of the novel coronavirus pandemic, which hurt
demand for its main export commodity.
"It is anticipated that while the third and fourth quarters
will reflect continued effects of the slowdown, the fiscal and
monetary policy initiatives being deployed by government in a
phased process will be a robust response to the challenges posed
by the COVID-19 pandemic," said a statement issued by the
presidency.
Policymakers face a raft of challenges. Inflation rose to
12.82% in July, its highest level in more than two years, and
the unemployment rate stood at 27.1% in the second quarter.
Nigeria's economy was already grappling with sluggish growth
before the pandemic following a 2016 recession. The
International Monetary Fund has said it sees Nigeria's GDP
falling 5.4% this year, while the government has said the
economy may shrink by as much as 8.9%.

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