According to TheCable, the world’s most populous black nation, Nigeria has officially slid into its worst economic recession in more than three decades.
TheCable reports that, according to gross domestic product figures released by the National Bureau of Statistics on Saturday, the nation recorded a 3.62 percent contraction in the third quarter of 2020.
This is the second consecutive quarterly decline in GDP since the 2016 recession. Cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.
The last time Nigeria had such a cumulative GDP was in 1987, when GDP declined by 10.8%.
According to World Bank and NBS figures monitored by TheCable, this is also the second recession under the democratic reign of President Muhamadu Buhari, and the fourth as head of state.