Nigeria Officially Slides Into Second Recession Under Buhari’s Government
LAGOS NOVEMBER 21ST (NEWSRANGERS)-Nigeria has officially slid into second recession under the watch of President Muhammadu Buhari’s Government.
The recent economic recession is the worst in over three decades, TheCable can report.
According to gross domestic product numbers released by the National Bureau of Statistics 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. 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 monitored by TheCable, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.
TheCable
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Posted by News Rangers
on Nov 21 2020. Filed under National.
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