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.
The Cable reports that the world’s most populous black nation, Nigeria has officially slid into its worst economic recession in over three decades.
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.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.
According to World Bank and NBS figures monitored by The Cable, this is also the second recession under President Muhammadu Buhari’s democratic reign — and his fourth as head of state.
Oriental Times