The National Bureau of Statistics has revealed that Nigeria’s economy exited recession in the fourth quarter of 2020, recording its first growth in three quarters.
In a report released on Thursday, the NBS said the Gross Domestic Product (GDP) grew by 0.11% between October and December.
Nigeria’s economy slipped into recession in the third quarter of 2020 with a decline of about 3.6%, leading to a second recession in 5 years.
For 2020, the economy contracted 1.92%, better than the International Monetary Fund projection.
The NBS added 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.
The positive growth in the real GDP indicates that the Nigerian economy has recovered from the pandemic-induced recession which disrupted economic activities in most part of 2020.
