Again, Nigeria’s Economy slips into recession

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Nigeria’s economy has slipped into another recession. The same happened in 2016, making it the second recession in a space of four years. This is according to a new report released by the Nigeria Bureau of Statistics on Saturday.

Official figures published by the NBS show that the economy shrank again in the third quarter of this year. The nation’s economy maintained a second consecutive negative growth after contracting by 3.62 per cent in the third quarter.

The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent just as it recorded a -6.10 per cent in the second quarter.

“Nigeria’s gross domestic product (GDP) recorded a growth rate of –3.62% (year-on-year) in real terms in the third quarter of 2020,” the report partly read.

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