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).

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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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