Nigeria’s economy has shrank again, officially entering its second recession within a space of four years.
The last incident was in 2016. The information was gathered from the Nigeria Bureau of Statistics today 21st November.
Details were published in the latest NBS Q3 2020 GDP report released today:
Figures from the report indicate that Nigeria’s economy contracted in the 3rd quarter of 2020, posting a second consecutive negative growth.
This follows a 3.62% contraction in the quarter. The cumulative GDP for the 3 quarters of 2020 stands at -2.48% after it recorded a -6.10% in the 2nd quarter.
While posting an unemployment hike of 27.1%, NBS reports that “Nigeria’s Gross Domestic Product (GDP) recorded a growth rate of -3.62% (year-on-year) in real terms in the 3rd quarter of 2020.
“Cumulatively, the economy has contracted by -2.48%. While this represents an improvement of 2.48% points over -6.10% growth rate recorded in the preceding quarter (Q2 2020), it also indicates that two consecutive quarters of negative growth have been recorded in 2020.”
Within less than four years, the Nigerian economy shrank in the second quarter of 2020 as the GDP fell by 6.10% compared with a 1.87% in Q1.
The economic contraction was already predicted by the Finance Minister who principally adduced the impending doom to the economic impact of covid19 and the collapse in oil prices.
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