According to reportt reaching oyogist.com, Nigeria has reportedly plunged into its second recession in five (5) years as the country’s economy was said to have shrank in the 3rd Quarter of the year.
Reports gotten from the National Bureau of Statistics, in its Gross Domestic Product report for Q3, stated that the GDP, the broadest measure of economic prosperity, fell by 3.62 in three (3) months.
It should be noted that the country, in 2017 recovered from its first recession in 25 years in the second quarter Q2 of 2017 after it posted a 0.7% economic growth. The country has since 2017 been recovering slowly from the recession effects but the Coronavirus pandemic altered the country’s economic recovery.
However, the World bank had earlier warned of a second recession in the country following the drop/collapse in crude prices in the world market, which was strongly coupled with the Covid-19 /Coronavirus pandemic. The World Bank stated that if there should be a second recession, it would be the worst since the 1980s.