Date: November 30, 2020, 09:26:32 PM
Nigeria slides into worst economic recession in 30 years: Politics : Nigerialog.com - Nigeria's Premier Online Forum
The gross domestic product numbers released on Saturday by the Director-General of the National Bureau of Statistics, Dr Yemi Kale, showed a contraction of 3.62 percent in the third quarter of 2020.This makes it the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.World Bank and NBS figures indicate that this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as Head of State.
Another reason experts adduced for the recession is the blooming insecurity, which has led to a huge slump in agricultural production and the attendant high food prices.