Nigeria, the Giant of Africa and the biggest African Oil exporting nation has slid into its worst recorded recession since 1987.
This is according to gross domestic product numbers released by the National Bureau of Statistics today, coming as the second consecutive quarterly GDP decline since the recession of 2016.
The statistics as released by the NBS showed that the nation recorded a contraction of 3.62 percent in the third quarter of 2020. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent. Read also: Nigeria Set To Face Worst Recession In 40 Years – World Bank Warns
Meanwhile, the last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent. See the Q3 2020 GDP as released by the NBS here.Photos Credit: Getty