GDP Report Shows Nigeria Slumps Into Worst Recession

Nigeria has slumped into yet another reception, according to the National Bureau of Statistics.

The report on Saturday by the NBS shows that the country has recorded a contraction of 3.62 percent in the third quarter of 2020.

This is the worst economic recession in over 30 years.

The last time Nigeria recorded such GDP was in 1987 when GDP declined by 10.8 percent.

The nation’s second consecutive quarterly GDP recession since that of 2016.

This makes it the second recession under President Muhammadu Buhari’s administration and the fourth recession in total including when he was the Head of State.

Yemi Kale said on Twitter that “Q3 2020 Real GDP contracted for the second consecutive quarter by -3.62%.”

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