Nigeria’s economy exits recession with 0.11% Q4 growth

Nigeria has come out economic recession as it recorded 0.11 per cent growth in its Gross Domestic Product in the fourth quarter of 2020,

The data released on Thursday by the National Bureau of Statistics revealed this.

This is coming after two consecutive quarters of negative growth resulting in the recession.

The latest NBS report stated, “Nigeria’s gross domestic product (GDP) grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.”

It also stated, “Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.

“As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44 percentage points, it was higher by 3.74 percentage points compared to Q3 2020.”

According to the report, the real GDP growth on a quarter-on-quarter basis was put at 9.68 per cent, indicating a second positive consecutive growth rate in 2020 after two negative quarters.

“Overall, in 2020, the annual growth of real GDP was estimated at -1.92 per cent, a decline of -4.20 percentage points when compared to the 2.27 per cent recorded in 2019,” it stated.