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BREAKING: Nigeria’s Economy Enters Recession

 

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…

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