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.
Real Madrid has been crowned as LaLiga champions for the 2023–2024 season after Girona beat…
FCMB Manager has been sentenced to 121 years in prison for N112m fraud. Glamtush…
EFCC has released the names of former governors who allegedly looted ₦2.187 trillion while in…
Opay, and PalmPay, among other fintech apps, have banned their customers from trading cryptocurrencies. …
NDLEA has seized 115,244kg illicit drugs in three months. Glamtush reports that the National…
US President Joe Biden took pointed digs at election rival Donald Trump Friday as he…