The Federal Republic of Nigeria under the administration of President Muhammadu Buhari has entered into the worst economic recession in 33 years.
According to the National Bureau Statistics NBS in Nigeria, the gross domestic product report for the third quarter of 2020, Nigeria’s economy contracted by 3.62 per cent to record its lowest growth rate in three decades.
According to reports, the same happened in 2016, which has made it the second recession between four years.
This report was released by the Nigeria Bureau of Statistics on Saturday 21st November.
The Official figures shown by the NBS reveals that the economy is down again in the third quarter of this year.
This has been reported as the worst economic recession since 1987