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Nigeria Experience Economic Recession For The Second Time

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The Nigerian economy has slipped into another economic recession. This is the second time the country will experience recession. This is subject to a report released by the Nigeria Bureau of Statistics.

Federal Government
Federal Government

The economy declined by contracting by 3.62 % in the third quarter. In the third quarter, the Gross Domestic Product was -2.48%, and was at -6.10% in the second quarter.

As at September 2020 the Gross Domestic Product was slower by 5.90% points while at September 2019 the GDP recorded 2.28% growth.

Recall that the Nigerian Bureau of Statistics in August stated that the economic decline in the second quarter was due to lower levels of domestic and international economic activity which was occasioned by the pandemic lockdown.

The revenue derived from oil and gas and influx to the federation account in the first quarter of 2020 totals N940.91billion. This is a fall of 31% of the prorated amount that is supposed to be generated at the end of the first quarter.

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