Nigeria has reportedly again gone into a recession for the second time under President Muhammadu Buhari‘s administration, but this time, the worst since 1987.
Figures released by the National Bureau of Statistics (NBS) on Saturday, November 21, reveal that Nigeria is officially in a recession, with the West African country recording a contraction of 3.62 percent in the third quarter of 2020, Newsonspot.com.ng reports.
This online news platform understands that the development shows that this is the second consecutive quarterly GDP decline since Nigeria’s 2016 recession. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.
However, 1987 was the last time Nigeria recorded such cumulative GDP, when GDP declined by 10.8 percent. Nigeria’s inflation rate is currently astronomic evidenced by the high prices of commodities in the market.