Once again, Nigeria has slipped into the worst recession since 1987 under the Buhari presidency.
Nigeria online news It reports that Nigeria has re-entered recession for the second time under the administration of President Muhammadu Buhari, but this time, the worst since 1987.
According to figures released by the National Bureau of Statistics (NBS) on Saturday, November 21, they reveal that Nigeria is officially in recession, with the West African country registering a 3.62 percent contraction in the third quarter of 2020.
This online news platform understands that development shows that this is the second consecutive quarterly drop in GDP since Nigeria’s recession in 2016. Cumulative GDP for the first nine months of 2020 therefore stood at -2, 48 percent.
However, 1987 was the last time Nigeria recorded such cumulative GDP, when GDP declined by 10.8 percent. Nigeria’s inflation rate is currently astronomical evidenced by the high prices of raw materials in the market.