Going my the statistics released by the National Bureau of Statistics on Saturday, Africa’s largest economy, Nigeria may be heading into a recession.
Nigerians with over 200 million people and a rising unemployment level recorded a contraction of 3.62 percent in the third quarter of 2020.
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This is the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, is at -2.48 percent.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent. The nation’s inflation rate is currently astronomic evidenced by the high prices of commodities in the market.
In June, the World Bank warned that the collapse in oil prices and the COVID-19 pandemic could dip the Nigerian economy
into the worst situation since the 1980s.
This is the country’s second recession under the Muhammadu Buhari administration.