By Ishaya Ibrahim, News Editor
Nigeria’s economy has entered recession, the second in four years.
The country’s Gross Domestic Product (GDP) shrank twice in the last two quarters, according to data published by the Abuja based National Bureau of Statistics (NBS).
The NBS data shows that the GDP report for Q3 which ends in September, saw the economy shedding 3.62 per cent. It had fell by 6.10 per cent in Q2.
This is the second recession under President Muhaammadu Buhari’s watch, with the first happening in 2016 caused by sharp decline in oil price. This second recession is the result of the COVID-19 pandemic which caused many economies to institute a lockdown measure in a bid to tame the spread of the virus.
The lockdown caused a lull in economic activities, a fall in demand, loss of jobs. weakening the purchasing power of consumers and inflationary trend.