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.
2027 Presidency: Court Orders Atiku to Serve Tinubu Forgery Suit Within 7 Days
Veteran Nollywood Actor Olu Jacobs Dies at 84, Family Announces
2027: ‘I’m Answerable to Tinubu Only and Not Politically Lazy Governors’ – Wike Blows Hot
2027: APC Governors, Wike Clash Over ‘Rainbow Coalition’
Dear Dangote, Before Asking Nigerians to Invest, Make Things Cheaper
Opinion: A Mighty General Has Returned Home – Tribute to Fr. Anthony Mario Ozele
Renowned Catholic Priest Fr. Anthony Mario Ozele Dies at 60
Rainbow Coalition: Wike, APC Governors Backing Tinubu in Different Ways — Fayose
Police Raise Security Alert Over Planned Terror Attacks on Schools, Churches, NYSC Camps
Delta Police Dismantle Shrine Used by Suspected Criminals for Fortification in Ndokwa West
Two Shot Dead by Bandits While Inspecting Land in Imo
Photo: Desmond Elliot Kneels to Tinubu’s CoS Gbajabiamila, Apologises Over Surulere APC Primary Loss
Plateau Attacks: 13 Killed as Gunmen Open Fire on Passengers, Communities
Dangote Refinery N2.15tn IPO on NGX: What to Know About NGX Listing in 2026
