Nigeria officially slides into another recession

Nigeria has officially gone into its worst economic recession in over three decades, latest figures from the National Bureau of Statistics (NBS) show.

The country recorded 3.62 percent GDP contraction in the third quarter of 2020, according to the report by the NBS released on Saturday.

This is the second consecutive quarterly decline in GDP since 2016 when the country went into a jungle recession for the first time in decades.

The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.

The last time Nigeria recorded such cummulative GDP was in 1987, when GDP declined by 10.8 percent.

This is the second recession under President Muhamadu Buhari who came to power in 2015.