• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Friday, October 10, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Economy

Nigeria’s economy slips into another recession

by NewsNet Nigeria
5 years ago
in Economy
Nigeria’s economy slips into another recession
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

The National Bureau of Statistics (NBS) on Saturday said the Nigerian economy has slumped into a second recession in more than three years.

The NBS said the economy slipped into recession at the end of the third quarter (Q3) which ended in September, disclosing that the county’s gross domestic product shrank 3.62% in the three months through September from a year earlier, compared with a 6.1% contraction in the previous quarter.

“Nigeria’s gross domestic product (GDP) recorded a growth rate of –3.62% (year-on-year) in real terms in the third quarter of 2020.

ALSO READ  Senator Ede Dafinone Bags Fellowship of Institute of Planning, Nigeria

“Cumulatively, the economy has contracted by -2.48% While this represents an improvement of 2.48% points over the –6.10% growth rate recorded in the preceding quarter (Q2 2020), it also indicates that two consecutive quarters of negative growth have been recorded in 2020.

“Furthermore, growth in Q3 2020 was slower by 5.90% points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28% year on year.

ALSO READ  Senator Ede Dafinone Bags Fellowship of Institute of Planning, Nigeria

“The performance of the economy in Q3 2020 reflected residual effects of the restrictions to movement and economic activity implemented across the country in early Q2 in response to the COVID-19 pandemic.

“As these restrictions were lifted, businesses re-opened and international travel and trading activities resumed, some economic activities have returned to positive growth. A total of 18 economic activities recorded positive growth in Q3 2020, compared to 13 activities in Q2 2020,” it explained further.

ALSO READ  Senator Ede Dafinone Bags Fellowship of Institute of Planning, Nigeria

“This rate was, however, lower relative to growth recorded in the third quarter of 2019 by –9.91% points but higher than the proceeding quarter by 6.19% points.

“For clarity, the Nigerian economy has been broadly classified into the oil and non-oil sectors: The contract marks the beginning of a full-blown recession and second consecutive contraction from -6.10 per cent recorded in the previous quarter of this year,” NBS said on Saturday.

Previous Post

Okowa mourns Albert Okumagba

Next Post

Nigerian army admits to having live rounds at Lekki Toll Gate protests

MORE NEWS

Delta PDP caucus passes vote of confidence on Oborevwori
Economy

Oborevwori Moves to Ease Pensioners’ Burden, Okays ₦10bn Payout, Reviews Flyover Timelines

October 10, 2025
Delta Speaker Hails Oborevwori’s Impact in Ijaw Areas, Seeks Continued Support
Economy

Delta Speaker Hails Oborevwori’s Impact in Ijaw Areas, Seeks Continued Support

October 9, 2025
Senator Ned Nwoko Pledges Action as Ndokwa Nation Protests Neglect of IPP Project
Economy

Senator Ned Nwoko Pledges Action as Ndokwa Nation Protests Neglect of IPP Project

October 9, 2025
Okumagba congratulates Oborevwori on 2nd anniversary, says Governor has been impactful
Economy

Warri Urhobo APC Leadership Council Commends Gov. Oborevwori, Urges Deltans to Support Him

October 7, 2025
Next Post
Nigerian army admits to having live rounds at Lekki Toll Gate protests

Nigerian army admits to having live rounds at Lekki Toll Gate protests

Leave Comment

RECENT STORIES

Delta Police Smash Cult, Armed Robbery Syndicates in Ibusa, Sapele-Warri Axis

Delta Police Smash Cult, Armed Robbery Syndicates in Ibusa, Sapele-Warri Axis

October 10, 2025
National Council of State Backs Professor Joash Amupitan as New INEC Chairman

National Council of State Backs Professor Joash Amupitan as New INEC Chairman

October 10, 2025
Delta PDP caucus passes vote of confidence on Oborevwori

Oborevwori Moves to Ease Pensioners’ Burden, Okays ₦10bn Payout, Reviews Flyover Timelines

October 10, 2025
Majemite, Awhinawhi Pay Condolence Visit to Hilary Ibegbulem at Service of Songs for Late Elder Gilbert Ibegbulem

Majemite, Awhinawhi Pay Condolence Visit to Hilary Ibegbulem at Service of Songs for Late Elder Gilbert Ibegbulem

October 9, 2025
Hundreds Benefit as Dafinone’s Health Outreach Storms Isiokolo

Hundreds Benefit as Dafinone’s Health Outreach Storms Isiokolo

October 9, 2025

TRENDING STORIES

  • Two Suspected Kidnappers Die in Delta Police Shootout

    Two Suspected Kidnappers Die in Delta Police Shootout

    0 shares
    Share 0 Tweet 0
  • Senator Ede Dafinone Joins Colleagues to Warmly Receive Former Delta Governor James Ibori at Senate

    0 shares
    Share 0 Tweet 0
  • Drama in Delta Court as Fake Lawyer Flees, Arrested by NBA

    0 shares
    Share 0 Tweet 0
  • The Indomitable Class of ’98 Reconnects in Asaba: 27 Years of Friendship, Growth, and Memories

    0 shares
    Share 0 Tweet 0
  • DESOPADEC Commissioner Dr. Charles Olisa Apologises to Governor Oborevwori, Disowns Viral Suspension Letter

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.