Nigeria Slides Into Worst Recession Since 1987

The Nigerian economy has slipped into its second recession in five years after the gross domestic product contracted the second consecutive quarter.

The National Bureau of Statistics on Saturday, November 21, announced that the nation recorded a contraction of 3.62 per cent in the third quarter of 2020.

The country had earlier recorded a 6.10 per cent contraction in the second quarter.

It is the nation’s second recession since 2016, and the worst economic decline in almost four decades.

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