Nigeria has officially entered into another recession as the country’s Gross Domestic Product (GDP) contracted for the second consecutive quarter.
This was revealed by the Statistician General of the federation, Dr. Yemi Kale, who announced on Twitter, Saturday.
“Q3 2020 Real GDP contracted for second consecutive quarter by -3.62%,” he tweeted.
This is just three years after the country recovered from the economic downturn it faced in 2016/ 2017.
Nigeria was last in recession in 2016 before exiting it a year after in 2017.
BizWatchNigeria reports that this present recession is the worst in over three decades when the GDP shrank by 10.8 percent in 1987.
More to come…