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 cummulative GDP was in 1987, when GDP declined by 10.8 percent

According to World Bank and NBS figures monitored by TheCable, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.

https://www.thecable.ng/breaking-nigeria-officially-slides-into-worst-recession-since-1987/amp

SAI BARBER!

All thanks to the clueless mofos we have as leaders

Let us leave politics apart and tell ourselves home grown truth. PMB will eventually run the economic, social and political affair of this country aground. It is quite obvious that PMB has not been providing the required leadership and charisma to lead a motivated and performing team. All that matters to him is perceived loyalty and not competence.

He failed to remove ministers, service chiefs, aides and heads of MDAs that are performing woefully. He neglected to put a solid blueprint and road maps for economic growths.

Even his fanatical supporters who were busy shouting Sai baba have lost their voices due to unprecedented hunger and sufferings.

Some of us that witnessed and experienced the great hardships under Buhari's government as military head of state are well prepared this time around. (see my post https://www.nairaland.com/4939049/how-prepare-another-four-years)

The people I pitied most are the disillusioned Zombies who are being caught unaware as they watch helplessly the demystification of their ''Messiah''.

NB: I know a lot of people will attribute this recession to COVID19. Granted, COVID 19 contributed to the lulls in the economy of most countries in the world, but the fact is even before COVID 19, Nigeria was on a fast lane to recession. The present human suffering index in Nigeria is far higher than most African counties that are facing the same COVID19 pandemic. Our country is now the headquarter of poor people in the world!

The recession is inevitable. It is a direct result of COVID-19 and nothing else. All major countries in the world are also in recession as a result of the pandemic. Hopefully, we will record a positive GDP growth during the 4th quarter of 2020.

That is the official handy work of the darling daddy of mannabbqkrills.

I just hope baba has been worried about the sudden disappearance of manna his darling son?

D country is finished

meanwhile, The political leaders are only interested in the next election while their families are enjoying abroad at our expense.

Don t worry about the recession. NIGER REPUBLIC will help us out

Their lack of feasible economic blueprints and chronic debts pillage also contributed to this nonsense.

my men na to japa oo
no going back on plans
Nigeria is a shit_hole country

nellyelitz:
SAI BARBER!

helinues and bambambiglo are still supporting sai barber

cc lzaa

Kestolove:
D country is finished

The country is not finished. All major countries around the world is experiencing recession as a result of the pandemic. This one won’t even last because we’re already on the path to recovery. We will exit the recession latest by first quarter 2021. There is absolutely nothing to panic about.

Did we ever get out of the last one? Forget the whole govt gimmicks, na recession we dey for dis country since

seunmsg:
The recession is inevitable. It is a direct result of COVID-19 and nothing else. All major countries in the world are also in recession as a result of the pandemic. Hopefully, we will record a positive GDP growth during the 4th quarter of 2020.

They don't want to read what you write because they can't find Buhari's name in it

seunmsg:
The recession is inevitable. It is a direct result of COVID-19 and nothing else. All major countries in the world are also in recession as a result of the pandemic. Hopefully, we will record a positive GDP growth during the 4th quarter of 2020.

4 recession under one man ..either he has bad luck or incompetent

So which one is he

This President is indeed a record breaker having landed d nation into four straight recession in just only two leadership period

There was no need for the unwarranted copy copy Lockdown by Nigerian Government.

The lockdown and total borders shutdown killed Nigerian Economy

imhotep:

helinues and bambambiglo are still supporting sai barber

cc lzaa

Afamed wants ruga

LZAA:

Afamed wants ruga

RUGA land grabbing exercise

Our president deserves an award for this

imhotep:

helinues and bambambiglo are still supporting sai barber

cc lzaa

I wonder why seun did not put a block button on this nairaland sef

The government would have to find a way to swallow the humble pie.

Everything they have tried so far has just refused to work.

Debt has not worked. Multiple creditors are now worried about lending the country money that they are inserting bizzare clauses to safeguard their positions.

Oil revenue is dipping. Tax is more of a mirage than reality. Customs is even thinking of concessioning their duties to foreigners. The DG Budget Office is worried that multiple MDAs would be unable to meet up with salary obligations in November and December.

Everything has been tried. All has failed.

It's not too late to trace steps back. It is not difficult.

1) Take security seriously. The country is too dangerously insecure right now. Effect personnel changes. The current people have tried their best. Their best is not adequate. Get some fresh people who have something to prove: those who have people (Nigerians) to impress.

2) Prioritize FDI again. All countries are looking for FDI. Stop scaring investors away from Nigeria. Ensure their activities are properly regulated. Leave business dealings to the courts - for the rule of law.

3) Open the land borders. Nothing has been achieved so far; except impoverished merchants at Idumota and Daleko markets who are getting more agitated.

4) Modify TSA. It's effect on corruption is marginal, at best. It has only centralized corruption. There wouldn't have been any need to start "scavenging" for funds in dormant bank accounts and unclaimed dividends if TSA had had any magical impact.

5) Support REAL agriculture, don't waste money on political crops, like rice, alone. Support national cash and food crops and livestock, not ethnocentric normadic initiatives.

6) Headhunt successful Nigerian economic and financial experts across the globe to come and assist.

7) Reduce attention on winning election at all cost.

seunmsg:
The recession is inevitable. It is a direct result of COVID-19 and nothing else. All major countries in the world are also in recession as a result of the pandemic. Hopefully, we will record a positive GDP growth during the 4th quarter of 2020.

What's with this "all major countries" comparison? Is it not also true that "major economies" are paying their citizens every week/month to cushion the effects of the pandemic?

And what exactly are you basing your hope of recovery in Q4 2020 on? Where is the recovery plan? Can you share with Nigerians?

The FAO recently sounded an alarm that Nigeria and 3 other countries are on the verge of plunging to extreme famine "of biblical proportions" in 2021. No mention was made of any "major countries" in the prediction.

Bambambiglo:


I wonder why seun did not put a block button on this nairaland sef

But you will miss me after blocking me

Sai mama.

Cc lzaa

imhotep:

But you will miss me after blocking me

Sai mama.

Cc lzaa

Dundee. It is now you're waking up to your normal joblesness

imhotep:

But you will miss me after blocking me

Sai mama.

Cc lzaa

Dundee. It is now you're waking up to your normal joblesness