Nigeria officially enters its worst recession since 1987

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Africa’s top oil producer and biggest economy Nigeria, has officially entered its worst recession since 1987.

 

According to 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.

 

The oil rich nation is currently battling with the effect of a decline in the price of oil caused by the impact of Covid-19 on the markets.

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