Nigeria enters worst recession in decades

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The Nigerian Government has entered a recession again, the worst economic decline in almost four decades.

Recall that in June, the World Bank warned that the COVID-19 pandemic and the collapse in oil prices and could dip the Nigerian’s economy into the worst situation it have ever witnessed since the 1980s.

The Gross Domestic Product (GDP) of Africa’s most populous country has now contracted by -2.48%.

On Saturday, the National Bureau of Statistics (NBS) released the figures.

The NBS said the GDP recorded a growth rate of –3.62% year-on-year in real terms in the third quarter of 2020.

The growth in Q3 2020 was slower by 5.90% points than the third quarter of 2019 which recorded a real growth rates of 2.28% yearly.

Meanwhile, the dismal performance in the quarter was caused by the restrictions on movements and economic activity due to coronavirus.

The Q3 aggregate GDP stood at N39,089,460.61 million in nominal terms.

This was lower relative to growth recorded in the third quarter of 2019 by –9.91%.

Click to view/download Nigeria GDP Q3 2020 Report

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