Nigeria’s Economy Enters Worst Recession In 30 Years

President Muhammadu Buhari

–By our correspondent

Nigeria has officially slid into its worst economic recession in over three decades.

The latest figures released by the National Bureau of Statistics, NBS, indicates that Nigeria is in the worst recession since about three decades ago.

According to the data, the nation’s economy contracted by 3.62℅ in the third quarter of 2020.

This is the second consecutive quarterly decline in gross domestic product, GDP, since the last recession of 2016.

The NBS data shows that the cumulative GDP for the first nine months of 2020 shrinked to -2.48 percent.

According to the latest NBS figures, this is the second economic recession under the current administration of President Muhamadu Buhari.

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