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Nigeria's economy contracted 1.92% in 2020 - stats office

ABUJA (Reuters) - Nigeria’s economy contracted by 1.92% in 2020, the statistics office said, marking the country’s second full-year recession since 2016, as a result of a fall in revenues due to an oil price slump on top of the COVID-19 pandemic.

This compares with growth of 2.27% in 2019 for Africa’s largest economy.

However, the country recorded economic growth of 0.11% in the fourth quarter of 2020.

Reporting by Chijioke Ohuocha; Editing by Hugh Lawson

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