This time, the recession is worse than that of 2016 and has been attributed to the economic fallout of the COVID-19 pandemic..
In its Gross Domestic Product (GDP) report for Q3, the National Bureau of Statistics (NBS) said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September.
In more than three years, the Nigerian economy for the first time shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.
The economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic, the NBS had said in August.
The contraction in Q2, the NBS said, brought to an end the three-year trend of low but positive real growth rates recorded since the 2016/17 recession.
The economy had slipped into recession in Q2 2016 as the GDP shrank by 2.1 per cent after falling by 0.4 per cent in Q1 on the back of the steep fall in global crude oil prices and the country’s production volumes.