Nigeria exit Recession as GDP records 0.11% growth in Q4

Victoria Ogunrinde

The latest figures from the National Bureau of Statistics NBS, disclosed on Thursday that Nigeria’s Gross Domestic Product recorded 0.11 per cent growth in the fourth quarter of 2020.

The NBS revealed in its report on ‘Nigeria’s Gross Domestic Product for Q4 and full-year 2020’ that the GDP contracted by 1.92 per cent in 2020.

The report reads in part, “Nigeria’s Gross Domestic Product 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.

“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 per cent points, it was higher by 3.74 per cent points compared to Q3 2020.

“On a quarter on quarter basis, real GDP growth was 9.68 per cent indicating a second positive consecutive quarter on quarter real 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 4.2 per cent points when compared to the 2.27 per cent recorded in 2019.”