Last updated on September 11th, 2021 at 08:14 am
Nigeria is officially in recession due to the impact of the coronavirus and the low price of crude oil which is the countries number one product exported to other African countries and the World.
The GDP of Nigeria, an oil-creating nation, shrunk by 3.62% in the second from last quarter of 2020, subsequent to having just declined by 6% in the past quarter, the Bureau of Statistics said Saturday.
“Over the initial nine months of 2020, the combined GDP is subsequently somewhere around 2.48%,” the authority added.
Financial analysts ascribed the improvement to the fall in oil costs just as the negative effect on the economy of the new Covid pestilence.
The government authorities has ask some countries to loan them some money so as to combat this recession, This is the second recession in the space of three years, which is a worrying sign for the financial sector of the country.