Breaking: Nigeria Officially Slides Into Worst Recession Since 1980s
YBTC News-The National Bureau of Statistics, NBS, has officially confirmed that Nigeria was in its worst economic recession in 33 years.
According to the NBS gross domestic product report for the third quarter of 2020, Nigeria’s economy contracted by 3.62 per cent to record its lowest growth rate in three decades.
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 cumulative GDP was in 1987 when GDP declined by 10.8 percent.
The bank had said in June that the collapse in crude oil prices, coupled with the COVID-19 pandemic, was expected to “plunge the Nigerian economy into a severe recession, the worst since 1987”.