Nigeria, Africa’s biggest economy plunges into another recession

Nigeria, Africa’s biggest economy, has entered its second recession in five years as official figures published on Saturday show that the economy shrank again in the third quarter of this year. This year’s recession, ocassioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016. The National Bureau of Statistics, in its Gross Domestic Product report for Q3, said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September. Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession. For the first time in

By |November 21st, 2020|Categories: News|Tags: |0 Comments
Go to Top