Stella Dimoko Korkus.com: Nigeria Officially Slides Into Worst Recession In 33 Years

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Sunday, November 22, 2020

Nigeria Officially Slides Into Worst Recession In 33 Years

Oh My Goodness!!!

Nigeria has officially slid into its worst economic recession in over three decades.. 








According to gross domestic product numbers released by the National Bureau of Statistics on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.


This is the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.

The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.

The 2020 economic recession as predicted across the world is a fallout of the ongoing COVID-19 pandemic, which has affected some of the strongest nations of the world. 


The Cable reports

56 comments:

  1. Replies
    1. every country is experiencing one form of recession or another ..a lot of businesses in uk are closing up

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    2. Thanks to our president. Lai will come and say it's a lie now,that the figures were photo shopped.

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  2. Before the recession, was it easy and pleasant for the masses?

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  3. Just to put this in perspective, I was born in 1987 and I have been in full time employment for 9.5yrs and my country’s economy is worse than it was the year I was born. Only Jah can help

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    Replies
    1. I used to be so hopeful for this country, but honestly eh, I have lost hope. With the way things are going eh, it will take a big miracle.

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    2. Gifty, the miracle we seek is in our hands. Let's get our voters card ready and vote out bad governance by 2023

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  4. Congratulations to Buhari

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  5. When there is a casting down, I shall say, there is a lifting up.

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    Replies
    1. By lifting up your bag and leaving the country

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    2. For me and household there is a lifting up in this season and beyond ..

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    3. Lol@Anon19:16
      Manòò eziokwu..

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  6. All these ones na just grammar. For all I know,we have been in recession since 2015

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  7. That man called Buhari is bad luck.....

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  8. Replies
    1. Yes, l am here. Do you need me (your school teacher 😝) to sit you back in class and tell you Covid-19 took a huge toll on countries economies in Q2 and Q3 and many others up till this Q4? That our government even tried that we've not slept into recession since? 😁

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    2. He's busy trying to write epistle about who wants to destroy Nigeria!!!

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  9. It will not near our dwelling.

    Buhari it was your hand work then, now you again.

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  10. ...and Buhari was the president then.

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  11. It is well with Nigeria and Nigerians

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  12. And people are still supporting this regime. Its well

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  13. We saw it and said it but some idiots didn't believe us. We were castigated and insults hurled at us. Today, we are being vindicated. This government is the worse in the history of the country. The abokis has ruined this country. One President and two recession in less than six years Tueh....

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    Replies
    1. TeeJay my brother, all I can say at this point is that it shall never be well with anyone still supporting buhari, all the corrupt politicians and their family.

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    2. It’s not the politicians alone, it’s that Aunty opening N100 house in Lekki as a “businesswoman”, the uncle with the huge contract and the side chick with a N100b worth you praise for those posts that say nothing. The recession was caused by many but less than 1%. Look at those you celebrate and check their income sources. Politicians stay in power by distributing to their cronies! He who has ears let him hear. There are 774 local gives & 36 states. The troublers of Nigeria are less than 10,000 but a few pretended to join #endsars while collecting part of the loot. What blockbuster movies do these folks act in that they are spending lavishly. Think! Racketeering and politics are hand in hand in Nigeria!

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  14. Correction: Babangida was the president during in 1987 and during SAP, but most of the issues during the beginning of his leadership were due to the damage done by the Buhari regime.
    Sorry for mixing things up.

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  15. Every country dey enter recession due to COVID but Nigeria has been in recession since 2015. Ngige and ASUU are busy doing nwunyedi fight. To think that I have finish planning on how to be collecting allawee next year, even doing man-o-war practice join. IT'S WELL OH!!!

    It's to kuku Pack and come and be going.

    As a final year student, Please can any school accept me because I want to transfer?
    Stella please post 🙏🏻

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  16. ESSAH MR NOBODY, what do you have to say about your righteous buhari?

    I don't even know what to say about Nigeria again.

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  17. This is really disturbing.

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  18. Nigeria's economy is beyond recession.

    It has entered UPPER LEVEL.

    Ii is well.

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  19. Buhari is the worst President so far

    He isn’t working at all
    No sector seems to be doing well
    And to think he’s still talking fighting corruption

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  20. Oh well. No be only us. It’s a global issue as it is right now. I fret not.

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  21. They will say it’s caused my PDP’s 16 years of mismanagement.
    Let’s wait for baba’s Supporters

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  22. 'Once there was a country '

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  23. Please I need tips on how to survive the bad economy

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  24. I wonder what Eesah will say now.

    May God help we the poor masses.

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  25. The thing is we wont really feel it cos we have always been in hardship and used to it

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  26. 2023 just do and come ooo😢😢
    Chineke nna God

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  27. I forgive the people that supported Buhari and brought him to power but anyone supporting him now en,the thunder .....

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  28. Bubu is just 'buharing' everybody. Nwoke bad luck! Tueeeeh!

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  29. In my opinion these GDP numbers are misleading with over 90% unemployment since the mid eighties. After the “we have more money than sense” of Gowon era, and the grand opening of free looting by Shagari, IBB, Younger Buhari, Obasanjo & all the military rulers, Naija has been in a constant state of recession with short spells of individual, not collective prosperity or structured job creation. In the eighties most of my peers graduated into massive unemployment and I don’t think Nigeria’s situation right now is just COVID19 like others. Looting and cronyism is the case. Saudi, Dubai, etc pay citizens till now. Check geepeee storage tanks and soak aways. Money is in very few hands who are not spending the stashed borrowed govt $ they looted! Let them set up manufacturing and pay living wages.

    Our economy is import and oil dependent and the oil boom is gone forever but COVID19 spared Nigeria to a large extent. With one person’s assets taken by Amcon at several hundreds of billions, Naija case is not in economics textbooks. Nicon, Nigeria Airways etc were all commonwealth! They became personal wealth free! That’s the issue. Compare Naija to Saudi etc not the west!

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    Replies
    1. Thank you

      Please keep your contributions on issues like these coming

      A lot of us Millennia's can learn from you

      Delete
  30. Nigeria is just running on auto pilot. No leader

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