This is not a good time for Nigeria, as the economy hit the lowest bottom in recent time.
The economy, according to the National Bureau for Statistics (NBS) has slid into her worst economic recession.
The agency on Saturday stated that the country’s Gross domestic product (GDP) recorded a contraction of 3.62 percent in the third quarter of 2020.
The statistics from the agency indicated that Nigeria has entered its second recession in five years.
The Covid-19 pandemic has been blamed for the shrink in the economy.
Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.
This is the second recession under President Muhamadu Buhari’s democratic reign and his fourth as head of state.
Earlier this year, the World Bank warned in a statement that the Nigerian economy was expected to plunge into severe economic recession, the worst in almost 40 years due to the collapse of oil prices and the outbreak of the coronavirus disease.
The report released by the World Bank in June estimated that Nigeria’s economy would likely contract by 3.2% in 2020.