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

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

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