Figures released by the National Bureau of Statistics on Saturday reveal that Nigeria is officially in a Recession.
The nation has recorded a contraction of 3.62 per cent 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, is at -2.48 per cent.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 per cent.
The nation’s inflation rate is currently astronomic evidenced by the high prices of commodities in the market.
This is the country’s second recession under the Muhammadu Buhari administration..
Nigeria is Africa’s biggest crude oil exporter.
The National Bureau of Statistics (NBS) posted the figure on Saturday in its official website.
With latest GDP figure contraction, Nigeria economy has posted consecutively two contractions.
The recession was anticipated as one of the consequences of the COVID-19 pandemic on the economy.