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Nigeria plunges into second recession under Buhari

The nation’s real gross domestic product contracted by 3.6 percent for the second consecutive quarter, per statistics office.

• November 21, 2020
CBN Governor Godwin Emefiele and President Muhammadu Buhari
CBN Governor Godwin Emefiele and President Muhammadu Buhari

The Nigerian economy plunged into its second recession since Muhammadu Buhari assumed office in 2015, recording a dive in gross domestic product for two consecutive quarters.

The National Bureau of Statistics said the real GDP contracted by 3.6 in the third quarter of 2020, Statistician-General Yemi Kale announced on Saturday.

Nigeria’s economy similarly entered recession in 2016, first time since 1987. The coronavirus and controversial fiscal and monetary policies of the Buhari administration and Central Bank of Nigeria were largely blamed for the latest recession.

Details shortly…

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