Nigeria’s economy plunges into recession as oil sector shrinks by 13.89%

Nigeria’s Gross Domestic Product (GDP) has contracted by 3.62% in the third quarter of 2020, officially indicating that Nigeria has fallen into recession as the oil sector dipped by 13.89% (year-on-year) in real term.

This is according to the Gross Domestic Product (GDP) report, 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.

Details shortly…

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