Nigerian Economy Slides into Recession in Q3 as MPC Retains Key Policy Parameters

November 27, 2020/Cowry Asset Report

In the just concluded week, Nigeria’s economy technically went into recession having printed two consecutive quarters of negative growth rates in line with our expectation. Specifically, data from the National Bureau of Statistics (NBS) showed that the country’s real Gross Domestic Product contracted y-o-y by 3.62% to N17.82 trillion in Q3 2020, albeit better than the 6.10% contraction printed in Q2 2020 – economic activities relatively improved in the quarter under review given the further ease in lockdown as number of COVID-19 discharged cases increased.

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