The Nigerian economy has slipped into its second recession in five years after the gross domestic product contracted the second consecutive quarter.
The National Bureau of Statistics on Saturday announced that the nation recorded a contraction of 3.62 per cent in the third quarter of 2020.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.
The country had earlier recorded a 6.10 per cent contraction in the second quarter.
It is the nation’s second recession since 2016, and the worst economic decline in almost four decades.
The Nigerian economy has been battered this year by the coronavirus pandemic, which caused significant decline in oil revenues and crippled economic activities.