Nigeria Officially Enters into Recession, Worst Since 1987

Nigeria Officially Enters into Recession, Worst Since 1987

Nigeria has entered recession again, the worst economic decline in almost four decades.

Figures released by the National Bureau of Statistics  (NBS) on Saturday reveal 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 Gross Domestic Product (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. The nation’s inflation rate is currently astronomic evidenced by the high prices of commodities in the market.

This is the country’s second under the Muhammadu Buhari administration.

In June, the World Bank warned that the collapse in oil prices and the COVID-19 pandemic could dip the Nigerian economy into the worst situation since the 1980s.