The Nigeria Employers’ Consultative Association (NECA) has called for urgent economic recovery effort in view of the Gross Domestic Product (GDP) data released by the National Bureau of Statistics (NBS).
NECA’s Director-General, Dr. Timothy Olawale, who made the call in a statement on Saturday, said that the data confirmed that the nation had entered recession.
Olawale said “The report of NBS, showed the country’s GDP growth declined by 3.62 per cent in Q3, 2020 after an earlier contraction of 6.1 per cent in Q2.
“In summary, the GDP for Q1 to Q3 of 2020 stood at -2.48 per cent; the oil GDP fell by -13.89 per cent from -6.63 per cent in Q2 2020 and Non-Oil fell by -2.51 per cent from -6.05 per cent in Q2 2020.
“With negative GDP growth in two consecutive quarters, the economy has invariably entered into recession.”
