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.
Q3 2020 GDP report published @ https://t.co/KG0BFIpfLz
Q3 2020 Real GDP contracted for second consecutive quarter by -3.62% (-6.10% in Q2 2020 & 2.28% in Q3 2019).
Cumulative GDP for the first 9 months of 2020 therefore stood at -2.48%. pic.twitter.com/d9f1iGLjUe
— Dr Yemi Kale (@sgyemikale) November 21, 2020
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…