Nigeria Exits Recession, As GDP Grows By 0.11% In 2020 Q4

Nigeria’s economy exits recession in the fourth quarter of 2020. This is its first growth in three quarters smattering from coronavirus-induced lockdown across the country.

The National Bureau of Statistics in a report Thursday noted Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in the three months between October and December from a year earlier.

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.

Nigeria’s economy slipped into recession in the third quarter with a decline of 3.6 per cent. The economy had earlier contracted 6.1 per cent in the second quarter, leading to a second recession in five years.

The economy contracted 1.92 per cent in 2020 – a decline of 4.20% points when compared to the 2.27% recorded in 2019. A better showing than the International Monetary Fund projection