It was earlier predicted by economic experts or those who have followed the downward slide in the country’s GDP.
Over the weekend, however, it emerged that Nigeria has slid back into a recession, the worst the country has experienced since 1987.
This is according to the National Bureau of Statistics (NBS), which released new information on Saturday.
The Gross Domestic Product (GDP) figures released by the NBS show that the nation’s economy recorded a contraction of 3.62 percent in the third quarter of 2020.
This is the second decline in the GDP for consecutive quarters since the most recent recession of 2016.
The NBS stated that the cumulative GDP for the first nine months of 2020 stood at -2.48 percent.
It was in 1987 that Nigeria recorded such cumulative GDP, when it declined by 10.8 percent.
This is the second recession in Nigeria’s democratic experience under President Muhamadu Buhari. It is also the fourth experience under his tenure as head of state.
Many including former President Olusegun Obasanjo had earlier questioned the competence of President Buhari in handling economic issues.