The Purchasing Manager’s Index (PMI) a leading economic statistics indicator, has confirmed Nigeria slipped into its second recession in July, the third quarter of 2020. This was caused by dwindling oil revenues and the corona virus pandemic. In quarter 2, Nigeria’s National Bureau of Statistics (NBS) reported that the economy contracted by 6.1 percent. An economy is said to be in a recession when output contracts for two straight quarters. The average PMI for July, August, and September- the third quarter, was 45.3 points. Whenever PMI is below 50 points, it is a sign of contraction; while a reading above 50 points signals expansion.