Breaking: Nigeria Officially Slides Into Worst Recession Since 1987

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Nigeria has officially slid into its worst economic recession in over three decades, 

Based on the  gross domestic product numbers released by the National Bureau of Statistics 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 in 1987, when GDP declined by 10.8 percent.

According to World Bank and NBS figures as reported by the Cable, this is also the second recession under President Muhamadu Buhari’s democratic government   and his fourth as head of state.

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About Umar Abdulwahab 35 Articles
UMAR ABDULWAHAB 9News Nigeria senior correspondent; A seasoned journalist, and ardent Public Policy Analyst. B.Sc and M.Sc in public Administration from university of Maiduguri and University of Abuja respectively.Diploma in Journalism (PGD Journalism) from International Institute of Journalism, Abuja.Abdulwahab Umar can be contacted via Facebook @Abdulwahab Umar or E-mail: abwahab2003@gmail.com

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