Covid-19: Contraction In GDP Puts Nigeria Officially In Worst Economic Recession For 30 Years – National Bureau of Statistics

The National Bureau of Statistics has on Saturday 21st November released the Nations Gross Domestic Product(GDP) in the reduction of 3.2% in the 3rd quarter of 2020.

This result in no doubt confirmed Nigeria in the worst economic recession for 30 years counting.

World Bank foresaw this earlier in the year and warned Nigeria in a statement that “Nigerian economy is about to plunge into severe economic recession, the worst in almost 40 years due to the collapse of oil prices and the outbreak of the coronavirus disease.

According to World Bank and NBS figures monitored by the cable, this is the 2nd recession under President Muhamadu Buhari’s democratic government and his 4th as head of state.

The last time Nigeria recorded such cumulative GDP was in 1987 when GDP reduced by 10.8%.

According to a World Bank report in June, Nigeria’s economy would likely decrease by 3.2% in 2020.

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