THE TAXAIDER NEWSLETTER VOL 2, ISSUE 11 (NOVEMBER 2020)

First Thoughts:

The Downward Spiral and the Glimpse of hope.

So early last week, we had the official confirmation that Nigeria had sunk into recession yet again, the second one in five years. This was courtesy of the nation’s GDP contracting by 3.6 percent in Q3 2020 after shrinking by 6.1 percent in the previous quarter. According to the International Monetary Fund (IMF)’s forecast, the Nigerian economy will contract by 4.3 per cent this year, which would be the largest contraction in nearly 40 years. What a year it has been!

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