Just In: Nigeria slides into recession, worst economic decline in 4 decades

The Nigerian economy has slipped into recession after the gross domestic product, GDP, contracted in the second consecutive quarter.

The National Bureau of Statistics, NBS, disclosed this on Saturday, stating that the nation recorded a contraction of 3.62 per cent in the third quarter of 2020.

According to the statistician agency, the country had earlier recorded a 6.10 per cent contraction in the second quarter.

READ ALSO: Nigeria Spends $500m Annually On Palm Oil Imports

It is the nation’s second recession since 2016, and the worst economic decline in almost four decades.

The Nigerian economy has been battered this year by the coronavirus pandemic, which caused a significant decline in oil revenues and crippled economic activities.

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