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Energy

Nigeria might fall into recession -budget office

ABUJA, Aug 27 (Reuters) - Nigeria might fall into recession, the head of the country’s budget office said on Thursday.

“Because of the twin effect of COVID-19 pandemic and the drop in oil price, subsequently that it is expected that Q3 will be negative and the country might fall into recession,” Director General of Budget Office, Ben Akabueze, told reporters.

It would be the second quarter of negative growth after Africa’s largest economy contracted by 6% in the second quarter of the year. Nigeria’s last recession was in 2016. (Reporting by Felix Onuah; Writing by Alexis Akwagyiram Editing by Chris Reese)

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