For the second time in four years, Nigeria’s economy has again slipped into recession.
New official figures released by the Nigeria Bureau of Statistics (NBS) on Saturday show that the economy shrank again in the third quarter of this year.
According to the NBS report, the nation’s economy maintained a second consecutive negative growth after contracting by 3.62 per cent in the third quarter.
The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent just as it recorded a -6.10 per cent in the second quarter.
The NBS had said in August that the economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.
It said the contraction in Q2 brought to an end the three-year trend of low but positive real growth rates recorded since the 2016/17 recession.
In 2016, the economy slipped into recession in Q2 as the GDP shrank by 2.1 per cent after falling by 0.4 per cent in Q1 on the back of the steep fall in global crude oil prices and the country’s production volumes.