BREAKING: Nigeria Enters Worst Recession In Almost Four Decades

Published On: November 21, 2020, 12:59 pm (2 days ago)
Author: Olusanya Akinrinola

Nigeria has entered recession again, the worst economic decline in almost four decades.

In June, the World Bank warned that the collapse in oil prices and the COVID-19 pandemic could dip the Nigerian economy into the worst situation since the 1980s.

The Gross Domestic Product (GDP) of Africa’s most populous country has now contracted by -2.48%.

The National Bureau of Statistics (NBS) released the figures on Saturday.

NBS said the GDP recorded a growth rate of –3.62% year-on-year in real terms in the third quarter of 2020.

The growth in Q3 2020 was slower by 5.90% points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28% year on year.
The dismal performance in the quarter was caused by the restrictions to movement and economic activity due to coronavirus.

The Q3 aggregate GDP stood at N39,089,460.61 million in nominal terms.

This was lower relative to growth recorded in the third quarter of 2019 by –9.91%.



Posted: (2 days ago) on 21-11-2020 12:59 PM | Hero
DMG17 DMG17 (m)
Without ego and pride. Let's just openly admit that, we are going through these horrible situations in our country because we have sinned against God. And collectively ask God for forgiveness through prayer. God will respond because prayer is the only thing that moves God. Foolish pride will not allow Nigerian politicians to accept that prayer is the key solution to our problems.
Posted: (2 days ago) on 21-11-2020 01:36 PM | Gistmaniac
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What do you expect?
Posted: (2 days ago) on 21-11-2020 02:41 PM | Upcoming
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What do you expect?
Posted: (2 days ago) on 21-11-2020 02:41 PM | Upcoming
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Quote from: DMG17 on 21-11-2020 01:36 PM
Without ego and pride. Let's just openly admit that, we are going through these horrible situations in our country because we have sinned against God. And collectively ask God for forgiveness through prayer. God will respond because prayer is the only thing that moves God. Foolish pride will not allow Nigerian politicians to accept that prayer is the key solution to our problems.
Which part are going to do the prayers,is it from North fulanis,or the west oduduwa,or the south or the east...which part?
Posted: (2 days ago) on 21-11-2020 02:48 PM | Gistmaniac
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I have never see Buhari as president of Nigeria. Buhari never qualified to be a class teacher.
Posted: (2 days ago) on 21-11-2020 03:36 PM | Upcoming
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When a lunatic pilot a jumbo jet the passengers perish.
Posted: (2 days ago) on 21-11-2020 07:09 PM | Upcoming
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I have given up for this country.

This is the worst government in the history of Nigeria.
Posted: (2 days ago) on 21-11-2020 08:09 PM | Gistmaniac
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PMB is fast going down as the worst president and nemesis in Nigeria. Too bad. Clueless old cargoes.
Posted: (2 days ago) on 21-11-2020 08:26 PM | Gistmaniac
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You think this is the worst? The person who wants to come next will even be terrible.
Posted: (yesterday at 06:10 AM) on 22-11-2020 06:10 AM | Upcoming
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