Again, Nigeria slides into worst recession since 1987


By Muhammed Saheed

The Federal Republic of Nigeria has delved into its worst economic recession in over three decades.

This was contained in the gross domestic product numbers released by the National Bureau of Statistics on Saturday.

According to the report, the nation recorded a contraction of 3.62 per cent in the third quarter of 2020.

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 per cent.

The last time Nigeria recorded such cumulative GDP was in 1987 when GDP declined by 10.8 per cent.


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