Recession affects Businesses in the Manufacturing, Oil, and Service Sectors.

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During the third quarter of 2021 and the same period of 2022, the Nigerian GDP shrank by 1. 78 percent. The total nominal GDP for the quarter under review was N52. 255 trillion, which was higher than the N45. 113 trillion reported for the third quarter of 2021. Real growth, as opposed to nominal growth, allows for inflation adjustment, hence it is the more accurate measure of the economy.

However, the non-oil sector saw actual growth of 4.27 percent. In the third quarter of 2022, real GDP growth in the manufacturing sector was -1.91 percent (year over year), which was slower than the same quarter in 2021 and 4.91 and 6.20 percentage points slower than the quarter before, respectively.


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