Nigeria’s economy has plunged into recession as it contracted by 3.62%, making it the worst in five years, data released by the National Bureau of Statistics (NBS) on Saturday, Nov. 21, reveals.
The NBS, in its Gross Domestic Product report for the third quarter, said the GDP declined consecutively from June to September 2020.
In the second quarter of the year, Nigeria’s GDP, fell by 6.10%, compared with a growth of 1.87% in the first quarter. Economic experts consider the successive contraction of the GDP as technical definition of a recession.
The economic dip was attributed to the inactivity and slow activity in the local and international markets during and after the nationwide lockdown occasioned by the COVID-19 pandemic.
In the Q2 of 2016, under the leadership of former president Goodluck Jonathan, Nigeria’s economy slipped into its first recession in 25 years, shrinking by 2.1%. The decline followed the sharp fall in global crude oil prices.