Nigeria Faces Deeper Economic Slump as Oil Output Falls: Chart

Nigeria’s economy probably contracted for a second consecutive quarter in the three months ended June from a year earlier after shrinking 0.4 percent in the previous period, according to a Bloomberg survey. Output in Africa’s most populous nation is weighed down by low oil production and prices, as well as a shortage of foreign currency after the central bank held a naira peg for more than a year. The statistics office is scheduled to release gross domestic product data at 9 a.m. in Lagos on Wednesday.

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