Chart: Nigeria in deeper economic slump as oil output falls further

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.

Nigeria economy