By Seun Adeuyi
In the third quarter of 2020, Nigeria’s Gross Domestic Product (GDP) contracted by 3.62%, officially indicating that Nigeria has fallen into recession as the oil sector dipped by 13.89% (year-on-year) in real term.
This was contained in the GDP report, just released by the National Bureau of Statistics (NBS).
The contraction in the oil sector represents 7.26% points lower than the growth recorded in the previous quarter (Q2 2020, -6.63%) while the non-oil sector contracted by 2.51% in the review quarter.
More details soon…