Nigeria has slid into its worst recession in three decades, New Economy has confirmed.
This is coming after the nation’s economy contracted in the third quarter of 2020.
The National Bureau of Statistics on Saturday said the Gross Domestic Product (GDP) contracted by 3.62 percent in the third quarter of 2020.
The contraction in the oil sector represents 7.26% points lower than the growth recorded in the previous quarter, the bureau said.
The report said that the non-oil sector contracted by 2.51% within the same period.
This is the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.
Nigeria last recorded a decline in cummulative GDP in 1987, when GDP slidded by 10.8 percent.
The GDP measures the total monetary value of goods and services produced in the country within one year.