The recently released Q3:2020 GDP figures by the National Bureau of Statistics (NBS) reports real GDP to have contracted by -3.62%YoY. This marked the second consecutive quarterly YoY decline in 2020, plunging the economy into its second recession in five years. Real GDP for the quarter stood at NGN18.11trn (vs NGN18.70trn in Q3:2019), reflecting contraction in both oil (-13.89% YoY) and non-oil GDP (-2.51% YoY).
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