BREAKING: Nigeria Officially Slides Into Worst Recession Since 1987

November 21, 2020
55 Views

Recession

National Bureau of Statistics

According to TheCable, the world’s most populous black nation, Nigeria has officially slid into its worst economic recession in over three decades.

TheCable reports that according to gross domestic product numbers released by the National Bureau of Statistics on Saturday, 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 monitored by TheCable, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.

More to follow…

You may be interested

Nigeria records N3.023tr trade deficit in Q3
News
3 views
News
3 views

Nigeria records N3.023tr trade deficit in Q3

Webby - December 7, 2021

The National Bureau of Statistics (NBS) has revealed that Nigeria recorded N3.032 trillion trade deficits in the third quarter (Q3)…

Ecobank Nigeria gets MD-designate as Akinwuntan retires
News
7 views
News
7 views

Ecobank Nigeria gets MD-designate as Akinwuntan retires

Webby - December 6, 2021

Ecobank Group, a pan-African banking group, announced on Monday that Mobolaji Lawal has been appointed as Regional Executive and Managing…

Niger, Nasarawa, Kogi, FCT communities in darkness as Abuja Disco workers begin strike
News
4 views
News
4 views

Niger, Nasarawa, Kogi, FCT communities in darkness as Abuja Disco workers begin strike

Webby - December 6, 2021

Okechukwu Nnodim, Solomon Odeniyi and Aisha Wakaso Published 7 December 2021 Power supply was grounded on Monday in Abuja, Nasarawa,…

Leave a Comment

Your email address will not be published.