The Nigerian economy slipped into its second recession in five years after the gross domestic product contracted the second consecutive quarter.
According to gross domestic product numbers released by the NBS on Saturday, the nation 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, stood at -2.48 percent.
The last time Nigeria recorded such cummulative GDP was 33 years ago, when GDP declined by 10.8 percent in 1987.
According to World Bank and NBS figues monitored by TheCable, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.
KanyiDaily recalls that the Federal Government had earlier revealed three months ago that Nigeria may slide into another recession in the Third Quarter of 2020, making it the second time within five years.