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HomeNewsPoliticsNigeria Officially Slides Into Worst Recession Since 1987

Nigeria Officially Slides Into Worst Recession Since 1987

Nigeria is hit by the worst recession since 1987 According to gross domestic product numbers released by the National Bureau of Statistics on Saturday, 21 November 2020.

According to the statistics, the nation recorded a contraction of 3.62 percent in the third quarter of 2020, making it 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 in 1987, when GDP declined by 10.8 percent.

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Freshrepoters have confidently observed that this is the second recession under President Muhamadu Buhari’s democratic reign and his fourth as head of state.


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