November 23, 2020/Cowry Asset Report

In line with our expectation, Nigeria’s economy went into recession as it printed two consecutive quarters of negative growth rates. Specifically, the country’s real Gross Domestic Product contracted y-o-y by 3.62% to N17.82 trillion in Q3 2020, albeit better than a 6.10% contraction printed in Q2 2020 – economic activities relatively improved in the quarter under review given the further ease in lockdown as number of COVID-19 discharged cases increased.

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