Tuesday, September 16, 2025
No Result
View All Result
News Den Nigeria
  • HOME
  • NEWS
    • NIGERIA
    • AFRICA
    • WORLD
  • POLITICS
  • BUSINESS
  • SHOWBIZ
  • EDUCATION
  • HEALTH
  • TECHNOLOGY
  • SPORTS
  • OPINION
  • MORE
    • FEATURES
    • INTERVIEWS
    • RELIGION
    • RELATIONSHIP
    • VIDEOS
  • HOME
  • NEWS
    • NIGERIA
    • AFRICA
    • WORLD
  • POLITICS
  • BUSINESS
  • SHOWBIZ
  • EDUCATION
  • HEALTH
  • TECHNOLOGY
  • SPORTS
  • OPINION
  • MORE
    • FEATURES
    • INTERVIEWS
    • RELIGION
    • RELATIONSHIP
    • VIDEOS
No Result
View All Result
News Den Nigeria
No Result
View All Result

Recession Looms As Nigerian Economy Shrinks In Second Quarter

by NewsDen Publishers
August 30, 2020
in BUSINESS, NEWS, NIGERIA
0
Recession Looms As Nigerian Economy Shrinks In Second Quarter
Share on FacebookShare on TwitterShare on WhatsappSend to Email

NIGERIA’S capital imports has plunged to 78.6 percent in the second quarter year-on-year to $1.295 billion.

Quoting the statistics office, Reuters reported that lower oil prices push Africa’s largest economy towards recession.

Nigeria, Africa’s top oil exporter, has suffered its worst crisis in decades as low oil prices triggered by the coronavirus pandemic caused the economy to shrink in the second quarter, slashing government revenues and weakening the naira currency.

Maris School Admission Maris School Admission Maris School Admission
ADVERTISEMENT

The government expects further GDP contractions in the third and fourth quarters.

AlsoRead

Delta Retains Lead as Nigeria’s Top Oil-Producing State

We Are Resisting US’ Efforts To Dump Prisoners In Nigeria Says Foreign Affairs Minister

Health Benefits Of African Butter Pear, Ube Or Safou

Nigeria has seen an exodus of foreign money in its equity and debt market, though foreign investors have been caught up by a shortage of dollars on the currency market as global oil prices collapsed.

“The largest amount of capital importation by type was received through other investment… followed by portfolio investment… and foreign direct investment in Q2,” the National Bureau of Statistics said in a report.

Nigeria’s capital imports fell from a peak of $21.32 billion seven years ago to $5.12 billion in 2016 as investment dried up in the wake of a recession, and have barely recovered since then.

A foreign exchange shortage has seen the naira drop to record lows on the black market in recent months after two devaluations and central bank moves to unify the country’s multiple exchange rates

ShareTweetSendSend
Previous Post

MODULAR REFINERY @ NDOKWA EAST: ‘Interests Of Host Communities To Be Protected’

Next Post

“New NBA” Writes Malami

Related Posts

Birthday: Onyeme Celebrates Enebeli, SAN
NEWS

Birthday: Onyeme Celebrates Enebeli, SAN

by NewsDen Publishers
September 16, 2025
Just In: Hilda Baci Bags Guinness World Record For Largest Pot Of Jollof Rice
BUSINESS

Just In: Hilda Baci Bags Guinness World Record For Largest Pot Of Jollof Rice

by NewsDen Publishers
September 15, 2025
Delta Govt Backs Civil Service Screening, Insists On Decent Dressing
NEWS

Delta Govt Backs Civil Service Screening, Insists On Decent Dressing

by NewsDen Publishers
September 15, 2025
Anambra: Kinsmen Appeal To Soludo For Clemency Over Detained Native Doctor, Akwa Okuko Tiwara Aki
NEWS

Anambra: Kinsmen Appeal To Soludo For Clemency Over Detained Native Doctor, Akwa Okuko Tiwara Aki

by NewsDen Publishers
September 15, 2025
Delta Eyes Ranching, Industrial Growth From Brazil Investment Drive — Aniagwu
NEWS

Delta Eyes Ranching, Industrial Growth From Brazil Investment Drive — Aniagwu

by NewsDen Publishers
September 15, 2025
Next Post
“New NBA” Writes Malami

"New NBA" Writes Malami

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

LATEST

Birthday: Onyeme Celebrates Enebeli, SAN

Birthday: Onyeme Celebrates Enebeli, SAN

September 16, 2025
Just In: Hilda Baci Bags Guinness World Record For Largest Pot Of Jollof Rice

Just In: Hilda Baci Bags Guinness World Record For Largest Pot Of Jollof Rice

September 15, 2025
Delta Govt Backs Civil Service Screening, Insists On Decent Dressing

Delta Govt Backs Civil Service Screening, Insists On Decent Dressing

September 15, 2025
Anambra: Kinsmen Appeal To Soludo For Clemency Over Detained Native Doctor, Akwa Okuko Tiwara Aki

Anambra: Kinsmen Appeal To Soludo For Clemency Over Detained Native Doctor, Akwa Okuko Tiwara Aki

September 15, 2025
Delta Eyes Ranching, Industrial Growth From Brazil Investment Drive — Aniagwu

Delta Eyes Ranching, Industrial Growth From Brazil Investment Drive — Aniagwu

September 15, 2025

TRENDING STORIES

  • Delta Govt Backs Civil Service Screening, Insists On Decent Dressing

    Delta Govt Backs Civil Service Screening, Insists On Decent Dressing

    0 shares
    Share 0 Tweet 0
  • Posting Of Teachers, Others: PPEB Is The Only Authority That Can Rescind Its Decisions Says Board Chairman

    0 shares
    Share 0 Tweet 0
  • Birthday: Onyeme Celebrates Enebeli, SAN

    0 shares
    Share 0 Tweet 0
  • How To Get A Nigerian Tax ID Before Jan. 2026 Deadline For Bank Account Holders

    0 shares
    Share 0 Tweet 0
  • Just In: Hilda Baci Bags Guinness World Record For Largest Pot Of Jollof Rice

    0 shares
    Share 0 Tweet 0
  • Ezewu Cancels Posting Of Teachers, Others Done By PPEB

    0 shares
    Share 0 Tweet 0
  • Delta Eyes Ranching, Industrial Growth From Brazil Investment Drive — Aniagwu

    0 shares
    Share 0 Tweet 0
  • China Shuts Down Solar And Wind Power After Generating 11 Billion kWh From Hydroelectric Power 

    0 shares
    Share 0 Tweet 0
  • FIRS Says No Need For Separate TIN To Operate Bank Accounts

    0 shares
    Share 0 Tweet 0
  • HOS Felicitates Maxwell Awuse As He Disengages From Service

    0 shares
    Share 0 Tweet 0
  • HOME
  • ABOUT US
  • CONTACT US

© NEWS DEN Since 2020 - Published by: GOLDSON'S RESOURCES.

No Result
View All Result
  • Home
  • NEWS
    • NIGERIA
    • AFRICA
    • WORLD
  • POLITICS
  • SHOWBIZ
  • EDUCATION
  • BUSINESS
  • HEALTH
  • TECHNOLOGY
  • SPORTS
  • OPINION
  • MORE
    • FEATURES
    • INTERVIEWS
    • RELIGION
    • RELATIONSHIP
    • VIDEOS

© NEWS DEN Since 2020 - Published by: GOLDSON'S RESOURCES.