Nigeria is back into a recession. This time, it is the worst the country has experienced since 1987.
This is according to the National Bureau of Statistics (NBS) which released new information on Saturday. The gross domestic product (GDP) figures released by the NBS show that the nation’s economy recorded a contraction of 3.62 per cent in the third quarter of 2020.
This is the second decline in the GDP for consecutive quarters since the most recent recession of 2016.
The NBS stated that the cumulative GDP for the first nine months of 2020 stood at -2.48 per cent.
It was in 1987 that Nigeria recorded such cumulative GDP, when it declined by 10.8 per cent.
This is the second recession in Nigeria’s democratic experience under President Muhamadu Buhari. It is also the third experience under his tenure as head of state.
The National President of the Tomato and Orchard Producers Association of Nigeria (TOPAN), Bola Oyeleke,…
By: Bolade Adeyemi In an atmosphere charged with both urgency and optimism, the West Africa…
IN a bid to reframe the narrative around labour migration and fair recruitment across West…
Harmonised policies between the real estate and tourism sectors would facilitate hospitality-driven investments such as…
For the umpteenth time, Nigerian government has been urged to reform the nation’s land administration…
Mr. Festus Adebayo, a lawyer, is the Executive Director, Housing Advocacy Network of Nigeria;(HDAN). In…
This website uses cookies.