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Nigeria slips into worst recession in almost four decades

Nigeria has entered recession again, the worst economic decline in almost four decades.

In June, the World Bank warned that the collapse in oil prices and the COVID-19 pandemic could dip the Nigerian economy into the worst situation since the 1980s.

The National Bureau of Statistics (NBS) released the figures on Saturday showing the gross Domestic Product (GDP) of Africa’s most populous country has now contracted by -2.48%.

NBS said the GDP recorded a growth rate of –3.62% year-on-year in real terms in the third quarter of 2020.

The growth in Q3 2020 was slower by 5.90% points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28% year on year.

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