Nigeria’s economy slides into worst recession since 1987

November 21, 2020
43 Views

<!– –>

Nigeria’s economy has officially slid into its worst economic recession in over three decades.

This is according to the gross domestic product numbers released by the National Bureau of Statistics on Saturday.

According to NBS, Nigeria 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 cumulative GDP was in 1987 when GDP declined by 10.8 per cent.

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.

You may be interested

It will be a mistake for me to pick my successor – Wike
News
2 views
News
2 views

It will be a mistake for me to pick my successor – Wike

Webby - December 2, 2021

Rivers State Governor, Nyesom Wike has disclosed that he will be making a big mistake by picking his successor for…

6 Common mistakes people make when buying cars in Nigeria
News
2 views
News
2 views

6 Common mistakes people make when buying cars in Nigeria

Webby - December 2, 2021

Are there red flags you need to avoid when buying cars in Nigeria? Well, the answer is yes! Buying a…

Men should avoid these fashion mistakes to prevent low sperm count
Health
6 views
Health
6 views

Men should avoid these fashion mistakes to prevent low sperm count

Webby - December 2, 2021

You spent so many years trying not to get her pregnant, so when you finally want to become a dad,…

Leave a Comment

Your email address will not be published.