Nigeria economy allegedly exits recession

Nigeria’s economy exited recession in the fourth quarter of 2020, recording its first growth in three quarters as coronavirus-linked lockdown was lifted across the country, the National Bureau of Statistics said in a report Thursday.

The report said Gross Domestic Product (GDP) grew 0.11 per cent in the three months between October and December from a year earlier.

The economy slipped into recession in the third quarter of 2020 with a decline of 3.6 per cent, having contracted 6.1 per cent in the second quarter, leading to Nigeria’s second recession in five years.

For the full year 2020, the economy contracted 1.92 per cent, better than the International Monetary Fund projection.

The NBS said Thursday that although the growth was weak, it 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% points, it was higher by 3.74% points compared to Q3 2020,” the NBS said.

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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