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3 Straight Quarters: Nigeria’s Economic Slump Deepens – BLOOMBERG

Nigeria's president failed to sack CBN governor Godwin Emefiele even as he wrecked the nation's economy and continued looting public funds

Nigeria’s economic slump deepened in the third quarter as oil production continued to fall and factory output was hit by a shortage of dollars.

Gross domestic product in Africa’s most populous country contracted 2.2 percent in the three months through September from a year earlier, after shrinking 2.1 percent in the second quarter, the Abuja-based National Bureau of Statistics said in an e-mailed statement Monday. The median of 15 economist estimates compiled by Bloomberg was for a 2 percent contraction. The economy expanded a non-seasonally adjusted 9 percent from the second quarter, the statistics office said. Read full in Bloomberg

Dangote and Godwin Emefiele
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