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2016-11-22 18:40:00

NIGERIA INTO RECESSION

NIGERIA INTO  RECESSION

PLATTS wrote, the Nigerian economy shrank further by 2.24% year-on-year in the third quarter on the back of a slump in oil production, the country's economic mainstay, according to government figures Monday.

Nigeria, which was Africa's largest oil producer until a few months ago, slipped into recession after its economy shrank by 2.06% in Q2, as the impact of militant attacks on oil facilities weighed on the country's economy.

Data released on Monday by the National Bureau of Statistics showed that Nigeria's oil production averaged 1.63 million b/d in Q3, lower than the average 1.69 million b/d output in Q2, and 25% lower than the 2.17 million b/d production a year ago.

"As a result, real growth of the oil sector slowed by 22.01% (year-on-year) in the third quarter of 2016. As a share of the economy, the oil sector contributed 8.19% of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27% and 8.26% respectively," the government agency said.

Nigerian oil output has fallen sharply this year as renewed militancy in the oil-rich Niger Delta region resurfaced after some years of relative calm.

Production was slashed from 2.2 million b/d earlier in the year after militants continued to bomb facilities, and at one point this year left four Nigerian crude export grades -- Bonny Light, Brass River, Forcados and Qua Iboe -- under force majeure.

The attacks have continued even with the government trying to reach a peace deal with militants and activists in the Niger Delta following Nigerian President Muhammadu Buhari meeting with leaders around three weeks ago.

Local media reported on Monday Buhari appealing to the militants to halt the attacks on oil facilities, and pledging his administration's commitment to improving the economic and social infrastructure in the region.

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Earlier: 

NIGERIA'S OIL SETTLEMENT: $5.1 BLN 

NIGERIAN OIL WILL UP TO 3 MBD 

NIGERIA'S OIL PRODUCTION UP TO 1.9 MBD 

NIGERIAN OIL FIRE 

NIGERIA MAY LOSE $25 BLN

 

 

 

Tags: NIGERIA, OIL, PRODUCTION,

Chronicle:

NIGERIA INTO  RECESSION
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

NIGERIA INTO  RECESSION
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

NIGERIA INTO  RECESSION
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

NIGERIA INTO  RECESSION
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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