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Chemical and Allied Products (Nigeria)

The poor performance of the Nigerian economy in 2020 was attributable to the impact of the Corona Virus pandemic declared by the World Health Organisation (WHO) and resultant decreased business activities due to the nationwide lockdowns, falling oil prices, reduced foreign reserves, exchange rate volatility and rising inflation. By Q2 of 2020 the Nigerian economy had slipped into recession with the National Bureau of Statistics, recording negative Gross Domestic Product (GDP) growth in the first three quarters of the year and 0.11% marginal growth (year on year) in Q4. Overall, the annual growth of real GDP was estimated at -1.92 per cent, significantly declining by -4.20 percentage points compared to 2.27 per cent recorded in 2019.

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