Nigeria’s economy slides into worst recession since 1987

Gross domestic product (GDP) numbers released by the National Bureau of Statistics on Saturday, November 21, indicates the nation recorded a contraction of 3.62 percent in the third quarter of 2020 which implies that Nigeria has slid into its worst economic recession in over three decades.

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.

NEWSCASTARS.COM learnt that the last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.

This is the second recession under President Muhamadu Buhari’s democratic reign and his fourth as head of state.

 

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