Nigeria is officially in recession as the economy shrank by -3.62 percent in the third quarter of 2020, data from the National Bureau of Statistics (NBS) has shown.
A country is technically in recession if it reports two consecutive negative growth in Gross Domestic Product (GDP).
Nigeria recorded -6.10 percent in the second quarter of 2020.
The recession was expected following the shutdown of the economy for about four months to curb the spread of Covid-19 pandemic.
The lockdown in Nigeria’s economic hub, Lagos and Abuja, also impacted many states across the country.
NBS data released on Saturday showed nominal GDP at N39.9 trillion while real GDP was N17.82 trillion.
“Q3 2020 Real GDP contracted for second consecutive quarter by -3.62% (-6.10% in Q2 2020 & 2.28% in Q3 2019).
“Cumulative GDP for the first 9 months of 2020 therefore stood at -2.48%”, NBS reported.
According to the statistics office, Oil GDP contracted by -13.89% (-6.63% in Q2 2020; 6.49%% in Q3 2019), while non-Oil GDP contracted -2.51% (-6.05% in Q2 2020; 1.85% in Q3. 2019).