BUSINESS
BREAKING: Nigeria Plunges Into Another Worst Recession Under Buhari Since 1987
For the second time running, Nigeria economy officially plunges into recession under the President Buhari’s administration.
BIGPENNGR.COM reports the country’s economy nosedive the second time since Buhari came to power and this second economy drop down in the country in the past 5 years, has been projected to be worst.
Recall that the Nigerian economy entered recession in Q2 2020 when GDP contracted by -2.06% for the second time in the year.
According to figures released by the National Bureau of Statistics (NBS) on Saturday, the country’s GDP in real terms declined by -3.62% YoY in Q3 2020, the second contraction in 2020.
Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, thereby marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).
According to the report, the performance of the economy in Q3 2020 reflected residual effects of the restrictions to movement and economic activity implemented across the country in early Q2 in response to the COVID-19 pandemic.
IMF has forecasted the Nigerian economy will contract -4.3% in 2020, as the Central Bank continues to drive aggressive intervention to stimulate the economy on the path of recovery.
However, 1987 was the last time Nigeria recorded such cumulative GDP, when GDP declined by 10.8 percent. Nigeria’s inflation rate is currently astronomic evidenced by the high prices of commodities in the market.
A recession is a period of decline in general economic activity, typically defined when an economy experiences a decrease in its gross domestic product for two consecutive quarters.
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