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Thu, Apr

Nigeria’s Economy Exits Recession

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The National Bureau of Statistics (NBS) has on Thursday said the Nigerian economy has exited recession in the fourth quarter of 2020, recording its first growth in three quarters since the lifting of the COVID-19 linked lockdown.

According to an NBS report, the Gross Domestic Product (GDP) grew by 0.11 percent in the three months between October and December from a year earlier.

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

“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.

Recalled the Nigerian economy slipped into recession with a decline of 3.6 percent in the third quarter, after a decline of 6.1 percent in the second quarter, causing the country’s second recession in five years.

“On a quarter on quarter basis, real GDP growth was 9.68 percent indicating a second positive consecutive quarter on quarter real growth rate in 2020 after two negative quarters,” the report added.

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

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