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Home Business News Politics

Nigeria’s economy dips into second recession in 5 years 

Johnson Uche by Johnson Uche
November 21, 2020
in Politics, Spotlight
Nigerian economy and its many problems
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The data released by the National Bureau of Statistics (NBS) for Q3 2020 shows a dip of 3.62% in real GDP for Nigeria, which strongly confirms that the Nigerian economy has officially fallen into a second recession in 5 (five) years, since 2016, when the economy contracted by 1.62%. 

READ: Boosting IGR; A necessity for states to avoid total dependence on FAAC allocations

The decline in the GDP for Q3 2020 is not unconnected with low activities both at the domestic and international levels which hugely affected the economic growth during the quarter as a result of several lockdown measures to contain the COVID-19 pandemic all over the world. 

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The non-oil sector contributed a huge chunk of the real GDP in Q3 2020 with 91.27%, higher than its share of 90.23% in Q3 2019 and 91.07% in Q2 2020, while the oil sector contributed 8.73%, though a decrease in its contribution of 9.97% in Q3 2019 and 8.93% in Q2 2020. 

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READ: NBS hits back at Prof Hanke, says Nigeria’s inflation is not 33%

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