According to GDP numbers released by the NBS on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.
The National Bureau of Statistic and world bank has established that Nigeria has slipped in another recession on which it’s severity have not been seen since 1987.
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 cumulative GDP was in 1987, when GDP declined by 10.8 percent.
Under President Muhammad Buhari this is the second recession in four years.
