RECESSION

Yet again Nigeria sinks into 2nd recession in 5 years

Nigeria, Africa’s biggest economy, has entered its 2nd recession in 5 years as official figures published on Saturday show that the economy shrank again in the third quarter of this year.

This year’s recession, ocassioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016.

The National Bureau of Statistics, in its Gross Domestic Product report for Q3, said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September.

Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.

For the first time in more than three years, the Nigerian economy shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.

The NBS 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.




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7 COMMENTS

  1. RECESSION takes 2 consecutive negative GDP Growth Rate…

    Nigeria GDP in the last 2 Quarters:
    Q2 2020 GDP Growth: -6.10%
    Q3 2020 GDP Growth: -3.62%

    Nigeria in Recession: YES.

    Is Nigeria Recovering: YES, because Nigeria actually grew by +12.1% QoQ in Q3 2020, the most growth in 7yrs.

    #StatiSense
    (NBS)

  2. APC has been telling us all kinds of face news. I.e Ng is broke which was never true. Now it is recession. The priviois one was blamed on GEJ administration. Now after their 8 years, they are announcing another one.

  3. Its a pity, those at the helm of affairs are more interested in holding unto power rather than growing the economy

  4. Terrible!!!

    It seems to me and I believe to many concerned and patriotic or ever conscious Nigerians,that the major preoccupation of this present government is how to deep six this nation,so that Niger can rise from its ashes.

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