A report released on Saturday by the National Bureau of Statistics (NBS), says Nigeria has officially slided into its worst economic recession since 1987.
The NBS report says the country’s gross domestic product numbers contracted by 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 in 1987, when GDP declined by 10.8 percent.
According to World Bank and NBS figures, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.