Africa’s largest economy has suffered its worst contraction in over a decade

The effects the coronavirus pandemic has had on Africa’s largest economy is starting to show in data.

Nigeria’s economy contracted by 6.1% year on year in the second quarter of this year, latest reports from Nigeria’s statistics bureau show. The dip follows thirteen quarters of positive but low growth rates. The -6.1% decline is also Nigeria’s steepest in the last 10 years.

As with most other economies around the world, the sharp drop in Nigeria’s GDP growth is largely down to the slowdown in economic activity after the country resorted to a lockdown back in April to curb the spread of the virus. In the wake of the pandemic the World Bank forecast a decline of -3.2% for 2020—a five percentage point drop from its previous projections.

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