Breaking! Nigeria’s Economy Officially Slips Into Worst Recession In Over 3 Decades

Related stories

China Launches Phase 2 Deep-Sea Gas Field Adding

China National Offshore Oil Corporation (CNOOC) has fully launched...

Iran’s foray into fire, By Funke Egbemode

Whatsoever a man sows, he shall reap. Whatsoever a nation...

PDP’s BoT Flays Damagum, Says NEC Meeting Holds, Voids Anyanwu’s Reinstatement

By Kolawole Ojebisi The Board of Trustees (BoT) of the...

FG To Nigerians: New Tax Laws Won’t Come into Effect Until 2026

By Kolawole Ojebisi The Federal Government has stated that individuals...

Tinubu Inks Four Tax Bills Into Law

By Abiola Olawale President Bola Ahmed Tinubu has signed four...

Nigeria has officially slipped into a recession after the country’s gross domestic product contracted for the second consecutive quarter, just three years after emerging from the economic rubbles of 2017.

According to the Statistician General of the federation, Dr. Yemi Kake “Q3 2020 Real GDP contracted for second consecutive quarter by -3.62%.”

Kale announced on Twitter, Saturday.

Read also:

Nigeria’s Recession: Why Sale Of Assets Is A Dangerous Policy, By Charles Soludo

Breaking: Recession Beckons As Nigeria’s GDP Contracts By 6%

Poland Enters First Recession In 30 Years

Nigeria Heading For Another Recession If Economy Does Not Improve In Q3, Says Finance Minister

The recession is the worst in over three decades when the GDP shrank by 10.8 percent in 1987.

Recall Africa’s largest economy was last in recession in 2016 before exiting it a year after.

More to come…

Read also:

COVID-19: World’s Economy In Recession, Worse Than In 2009, Says IMF

CBN Retains MPR At 13.5%, Says Coronavirus May Lead Nigeria Into Recession

Fowler Blames Revenue Shortfall On Recession, Fall In Oil Prices

Covid-19 Shocks: FEC Approves N2.3trn Package To Stimulate Economic Growth

Amid PENGASSAN’s Outcry, Chevron Names Rick Kennedy As New Chairman And CEO

How COVID 19 Crisis Forced CBN To Reduce MPR to 12.50%, Other Metrics Remain Unchanged

'dotun Akintomide
'dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
China Launches Phase 2 Deep-Sea Gas Field AddingIran’s foray into fire, By Funke EgbemodePDP's BoT Flays Damagum, Says NEC Meeting Holds, Voids Anyanwu's ReinstatementFG To Nigerians: New Tax Laws Won't Come into Effect Until 2026Tinubu Inks Four Tax Bills Into LawBreaking Down Iran’s Oil Exports by CountryLagos: Sanwo-Olu Refutes Report, Probes Demolition of Peter Obi’s Brother’s PropertyAnyanwu: How Damagum's 'Unilateral' Decision Worsens PDP Crisis -- Kola Ologbodiyan2027: Barau Signals Readiness to Join Tinubu’s Ticket If Called UponDamagum Vs NWC : PDP Meets Monday To Resolve 'Self-Inflicted' Crisis, Says Bode GeorgeOluwatimileyin Ajayi Sentenced to Death for Murder of NYSC Member Salome AdaiduOma Djebah Mourns ex-Governor Cornelius Adebayo, Urges Govt to Immortalize himWhat Caused Air India Crash that Killed 270 People--- Report RevealsZamfara Killings: Nigeria Now At War, Prioritize Security Over Infrastructure Projects, Obi Tells TinubuI'll Leave PDP, Suswam Confirms
X whatsapp