Again, Nigeria Economy Plunges Into Recession

Tunji Buhari tunji
Tunji Buhari tunji

Africa’s biggest economy, Nigeria has slipped into a recession again for the second time in five years. This was shown in a report by the National Bureau of Statistics (NBC) on Saturday.

According to the Gross Domestic Product report by the NBC , the nation recorded a contraction of 3.62 per cent in the third quarter(July- September) of 2020

According to the Economists, the economy is said to be in a recession when it witnesses two consecutive negative quarters

This year’s recession caused by the fallout of the COVID-19 pandemic is worse than that of 2016.

The 2017 economic recession was occasioned by the fall in global oil prices and poor management of the currency crisis. , experts

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