Nigeria Plunges Into Worst Recession In 33 Years After Economy Contracted In Q3 Of 2020

Nigeria economy has taken a turn for the worse as the country officially slid into its worst recession in over 30 years.

The gross domestic product numbers released by the National Bureau of Statistics on Saturday, showed that the nation recorded a contraction of 3.62 percent in the third quarter of 2020.

This is the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.

The last time Nigeria recorded such cummulative GDP was in 1987, when GDP declined by 10.8 percent.

According to World Bank and NBS figures, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.

More to follow…

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