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Nigeria, Africa’s largest economy which performed well in the fourth quarter of 2019, since the 2016 recession, could contract in the second quarter in 2020.
The possibility of a contraction is backed by, three gauges of business activity that pointed to difficulties the central bank face in trying to stave off a recession in Africa’s largest economy, according to information from Bloomberg News.
As Nigeria struggled to recover from a 2016 contraction is set to slow down economically, due to the lockdown rolled in to curb coronavirus spread.
According to Stanbic IBTC Bank and IHS Markit’s purchasing managers index rose slightly to 40.7 in May from 37.1 the previous month, suggesting economic conditions are worsening even as the government relaxes a lockdown in key cities to curb the spread of the virus.
READ: Nigeria records high quarterly GDP growth in the fourth quarter
However, according to Bloomberg News, Gbolahan Taiwo, …
The East African region is closer to its Asian markets giving it a geographical edge over the other producers on the continent.…