Nigeria’s economy officially enters into recession as Real Gross Domestic Product, GDP, contracts by -3.62 in the last two quarters.
Data released by the National Bureau of Statistics, NBS, shows the country’s GDP contracts for the second consecutive quarter by -6.10% in Q2 2020 and 2.28% in Q3 2019.
The NBS said Cumulative GDP for the first nine months of 2020 from January to September stood at -2.48%.
Nigeria goes into economic recession for the second time in four years after 2016 experience.