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Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020

Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, thereby marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).

This is according to the second quarter (Q3) GDP report, released by the National Bureau of Statistics (NBS) on Saturday.

According to the report, 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)…

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