Nigeria has entered its worst recession in over three decades. Statistics of Nigeria’s Gross Domestic Product (GDP) released by the National Bureau of Statistics on Saturday, November 21, 2020, shows that the country recorded a 3.62 contraction in the third quarter of this year. With this, Nigeria has now experienced its second quarterly decline in GDP since 2016. The West African nation’s cumulative GDP for the first nine months of this year, stood at -2.48%. Nigeria last recorded such decline in GDP in 1987 when it declined by 10.8%.
Further, this is the second recession under the President Muhammadu Buhari led government and his fourth recession as Nigeria’s head of state. The global collapse in oil prices and the corona virus pandemic contributed majorly to the sharp decline in Nigeria’s economy.
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