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|Nigerian Economy Suffers Another Recession See Reaction by OptimistSky(m): 5:37pm On Nov 22|
As these restrictions were lifted, businesses re-opened and international travel and trading activities resumed, some economic activities have returned to positive growth,” NBS stated.
It added that the economy grew negatively by 3.62 per cent year-on-year in real term during the period. Recall that Nigeria entered its first recession in 29 years in 2016 but exited it in the second quarter of 2017. Cumulatively, the economy has contracted by -2.48 per cent in the first nine months of 2020. NBS noted further that although the third quarter performance was an improvement of 2.48 percentage points over the –6.10 per cent growth of Q2 2020, it also indicated that two consecutive quarters of negative growth have been recorded in 2020.
Furthermore, growth in Q3 2020 was slower by 5.90 percentage points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28 per cent year on year.
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