COVID-19, oil prices drag Nigeria into second recession in four years

By Nduka Chiejina (Assistant Editor)/John Ofikhenua, Abuja 

  • Records second consecutive negative GDP in 2020

  • Experts blame dip on adverse policies, insecurity

  • Urge National Assembly to pass 2021 budget quickly

Nigeria is back in a recession for the second time in four years, no thanks to COVID-19 and the crash in oil prices triggered by the pandemic.

The Gross Domestic Product (GDP) contracted for the second consecutive quarter this year, recording a growth rate of -3.62 per cent (year-on-year) in the Third Quarter (Q3), according to figures published yesterday by the National Bureau of Statistics (NBS).

“Cumulative GDP for the first 9 months of 2020 therefore stood at -2.48%,” NBS Statistician General Yemi Kale, said on Twitter.

He said the oil sector contracted by 13.89% in the third quarter against growth of 6.49% in the same period a year earlier, while the non-oil sector shrunk by 2.51% in the three-months to September.

Much of the…

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