Mainly as a result of the worldwide drop in oil prices, Nigeria’s economic growth dropped to 2.84% in Q3 2015 against 6.23% for the same period last year, Nigeria’s Statistics Office announced on November 17.

Between July 1st and September 30, crude production in the country has reached 2.17 million barrels per day against 2.05 million barrels for the same period the previous year, the same source adds.

After recording an annual average growth of 7% between 2005 and 2013, Nigeria’s economy was severely hit by the significant drop in oil prices from more than $100 the barrel in June 2014 to less than $50 currently. It is such that Africa’s leading economy presently finds it difficult to acquire financing for its public projects or even pay official wages.

First oil producer in Africa, Nigeria derives 70% of its revenues and about 90% of foreign currency income from oil exports.