Nigeria may have entered into her worst recession since 1987 following latest figures released by the National Bureau of Statistics (NBS).
The figures released by the nation’s statistics body on Saturday revealed that Nigeria is officially in a recession. The nation has recorded a contraction of 3.62 percent 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, is at -2.48 percent.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.
This is evidenced by the high prices of commodities in the market.
This is the country’s second recession under the Muhammadu Buhari administration.
