Nigerian Economy Enters Second Recession In 5 Years

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The Nigerian economy has slipped into its second recession in five years after the gross domestic product contracted the second consecutive quarter.

The National Bureau of Statistics, announced that the nation recorded a contraction of 3.62 per cent in the third quarter of 2020.

This years recession, occasioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016.

The country had earlier recorded a 6.10 per cent contraction in the second quarter.

The National Bureau of Statistics had said in August that the economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.

In 2016, the economy slipped into recession in Q2 as the GDP shrank by 2.1 per cent after falling by 0.4 per cent in Q1 on the back of the steep fall in global crude oil prices and the countrys production volumes.

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