Nigeria Slides Into Worst Economic Recession In 33 Years

The National Bureau of Statistics has officially confirmed that Nigeria was in its worst economic recession in 33 years.

According to the NBS gross domestic product report for the third quarter of 2020, Nigeria’s economy contracted by 3.62 per cent to record its lowest growth rate in three decades.

Reuters

SaharaReporters gathered that the last time Nigeria had this magnitude of economic decline was under the regime of Ibrahim Babangida, when the economy recorded consecutive decline of 0.51 per cent and 0.82 per cent in first and second quarters of 1987.

This is also the second recession under the President Muhamadu Buhari-led All Progressives Congress administration.

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