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JUST IN: Nigeria enters worst recession in 33 years

Published:

-By Ismail Auwal

According to a report monitored by The Cable newspaper, Nigeria’s economy has contracted by 3.62 percent in the third quarter of 2020. This data was deducted from the domestic product numbers released by the National Bureau of Statistics (NBS) on Saturday.

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.

Details Later.

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