NBS says Nigeria’s GDP Contracts -3.62% Q3 as country witnesses two consecutive contractions
Nigeria, Africa’s biggest crude oil exporter, has officially slipped into its worst economic recession in over three decades.
The country, which announced this, confirmed that it’s Gross Domestic Product, GDP, contracted by -3.62 % (year-on-year) in real terms in the third quarter of 2020.
The National Bureau of Statistics, NBS, posted the figure on Saturday in its official website.
With latest GDP figure contraction, Nigeria economy has posted consecutively two contractions.
The recession was anticipated as one of the consequences of the COVID-19 pandemic on the economy.