Figures released by the National Bureau of Statistics (NBS) show that the nation has slid into into its second recession in five years, having recorded its second quarterly GDP decline in 2020.
According to the figures, Nigeria’s Gross Domestic Product (GDP) declined by 3.62 percent in the third quarter of 2020, compared to -6.10 percent recorded in second quarter of 2020.
It is also the second consecutive quarterly GDP decline in a given year since 2016.
The GDP measures the total monetary value of all goods and services produced within a country in a given year.
The newly-released figures officially sends the nation’s economy into recession for the second time under the President Muhammadu Buhari administration.
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Besides socioeconomic realities imposed by the COVID-19 pandemic, the current admimistration’s economic policies were blamed for the recession on social media.
A journalist, David Hundeyin wrote, “General Buhari becomes the first head of state in modern human history to take a country into recession 3 different times. WHAT AN ACHIEVEMENT!”
Senator for Kaduna Central in the 8th Senate, Shehu Sank wrote, “Actually, many people don’t know what is to be in or out of recession because they permanently reside in it.”
Details later…