Global lockdown easing helps Nigeria's economic recovery
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Global lockdown easing helps Nigeria’s economic recovery

26 May 2021 (Last Updated May 26th, 2021 13:44)

26 May

Mohamed El Dahshan, economist, writer, and associate fellow with the Chatham House Middle East and North Africa Programme, shared an article on Nigeria finally having exited its second recession since 2016 in the fourth quarter, despite a full-year contraction in 2020.

Official data confirms that the country’s economy grew 0.5% in the first quarter of 2021 due to higher crude production and oil prices driven by gradual easing of coronavirus lockdowns.

Nigeria was struggling with low economic growth before the pandemic triggered a recession, thereby causing huge financial gaps, such as inflation and dollar shortages.

The country is now vaccinating its 200 million citizens, but has directed regions to stop administering first doses of the AstraZeneca Covid-19 vaccine once half the stock is used, in order to create a buffer for a second dose.

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