Nigeria has drop down into its worst economic recession in over three decades.

Gross domestic product (GDP) numbers showed by the National Bureau of Statistics on 21st November, 2020 revealed that the nation details has hit contraction of 3.62 percent in the third quarter of 2020.

This is the second time that GDP dropped since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, stand still at -2.48 percent.

The previous cumulative GDP data was in 1987, when Nigeria experienced downward GDP by 10.8 percent.

The World Bank and NBS data supervised by The Cable, this is the second period of economy reduction under President Muhamadu Buhari led administration and his fourth as head of state.

Meanwhile the World Bank warned in a statement that the Nigerian economy is expected to fall into severe economic downwardness, the worst ever in the last 40 years because of the downward movement of oil prices and the outburst of the pandemic disease.

The record released by the World Bank in June estimated that Nigeria’s economy may likely decrease by 3.2% in 2020,

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