Nigeria enters worst recession in decades

Nigeria has entered recession again, the worst economic decline in almost four decades.

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.

The Gross Domestic Product (GDP) of Africa’s most populous country has now contracted by -2.48%.

The National Bureau of Statistics (NBS) released the figures on Saturday.

NBS said the GDP recorded a growth rate of –3.62% year-on-year in real terms in the third quarter of 2020.

The growth in Q3 2020 was slower by 5.90% points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28% year on year.

The dismal performance in the quarter was caused by the restrictions to movement and economic activity due to coronavirus.

The Q3 aggregate GDP stood at N39,089,460.61 million in nominal terms.

This was lower relative to growth recorded in the third quarter of 2019 by –9.91%.