Breeze Reporters

BREAKING: Nigeria Slips Into Worst Economic Recession In 33 Years

Nigeria has officially slid into its worst economic recession in over three decades, BreezeReporters has gathered.

According to gross domestic product numbers released by the National Bureau of Statistics on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.

The new data is the second consecutive quarterly GDP decline since the 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 cummulative GDP was in 1987, when GDP declined by 10.8 percent.

This is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.

Breeze Reporters

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