Nigeriaâs economy has hasÂ slid into its worst economic recession since 1987
The National Bureau of Statistics on Saturday, November 21, released itsÂ Gross domestic product (GDP) numbers, indicatesÂ 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 last 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 worst decline of its economy was in 1987, when GDP declined by 10.8 percent.
According to World Bank and NBS figures monitored by The Cable, this isÂ the second recession under President Muhamadu Buhariâs administration and his fourth as head of state.
The World Bank earlier this year, had warned in a statement that the Nigerian economyÂ is expected to plunge into severe economic recession, the worst in almost 40Â years due to the collapse of oil prices and theÂ outbreak of the COVID-19.
According to reports released by the World Bank in June, it predicted that Nigeriaâs economy decline would likely contract by 3.2%Â in 2020.