Last updated on
February 17, 2022

Recession is the general slowdown or downturn in economic activity. Recessions are officially declared in macroeconomics after two consecutive quarters of negative GDP growth rates. Recessions are thought to be a constant part of the business/economic cycle of expansion and contraction. An economy begins to expand at its lowest point and begins to contract after reaching its peak (highest point). A severe recession that lasts for a long time eventually leads to depression.

Nigerian Context

Nigeria’s economy fell into recession in the third quarter of 2020, contracting 3.6% after contracting 6.1% in the second quarter, resulting in Nigeria's second recession in five years. Technically, Nigeria has had three recessions in the last 16 years, and overall, 5 recessions in its existence as a sovereign nation.

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