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Nigeria Enters Third & Worst Economy Recession Under Buhari, As Economy Shrinks Once Again

Nigeria Economy Shrinks Once Again

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Nigeria Enters Third & Worst Economy Recession Under Buhari, As Economy Shrinks Once Again

Nigeria Economy Enters Worst Decline Since 1987

According to information from the National Bureau of Statistics, reported that Nigeria’s economy is entering into the worst economic recession in almost four decades, and it will be the second time economic recession since 2016.

The report had it that nation’s economy shrink into the worst economic decline in almost four decades after the gross domestic product contracted the second consecutive quarter.

The National Bureau of Statistics on Saturday announced that Nigeria recorded a contraction of 3.62 percent in the third quarter of 2020.

Nigeria Economy Shrinks Once Again

Nigeria Enters Third & Worst Economy Recession Under Buhari, As Economy Shrinks Once Again

The country had earlier recorded a 6.10 percent contraction in the second quarter. It is the nation’s second recession since 2016, and the worst economic decline in almost four decades.

The Nigerian economy has been battered this year by the coronavirus pandemic, which caused a significant decline in oil revenues and crippled economic activities.

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 astronomically evidenced by the high prices of commodities in the market.

This is the country’s second recession under the Muhammadu Buhari administration.

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