Nigeria’s economy dips into second recession in 5 years

NBS data for Q3 2020 shows a dip of 3.62% in real GDP, confirming the Nigerian economy has officially fallen into a second recession in 5 years.

By Johnson Uche

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%. 

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. 

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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Johnson Uche