Nigeria has officially slid into its worst economic recession since 1987, TheCable is reported on Saturday.
According to gross domestic product numbers released by the National Bureau of Statistics (NBS) on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.
This is the second consecutive quarterly GDP decline since the recession of 2016 which occured within a year of President Muhammadu Buhari’s first tenure.
The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.
The last time Nigeria recorded such cummulative GDP was in 1987 when GDP declined by 10.8 percent.
According to World Bank and NBS figures, TheCable pointed out, this is also the second recession under Buhari’s democratic reign — and his fourth as head of state.