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