Nigeria slides into worst recession in 33 years IT’S OFFICIAL: Nigeria slides into worst recession in 33 years
Nigeria has officially slid into its worst economic recession in over three decades, TheCable can report. Advertisement 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. This 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. Advertisement According to World Bank and NBS figures monitored by TheCable, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state. The 1983 recession is, however, not directly credited to him, seeing he took power on the last day of the year.
The 2016 economic recession was as a result of a massive decline in oil prices, and poor management of the currency crisis, experts said at the time. The 2020 economic recession was predicted across the world as a fallout of the ongoing COVID-19 pandemic, which has affected some of the strongest nations of the world.
The collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s, the World Bank had said. Bill and Melinda Gates Foundation, in its annual Goalkeepers report, said the last time these many countries were in a recession at once was in 1870.