Nigeria has entered into its worst economic recession in over three decades.
The last time it experienced this kind of recession was in 1987 during the military era of Ibrahim Babangida. At that period, GDP dropped by 10.8 percent
According to report released by the National Bureau of Statistics on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.
According to The Cable, 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..
This is also the second recession under President Muhamadu Buhari’s government since 2015.
More to come..