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Nigeria exits recession; GDP grows by 0.11% in Q4 2020

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: February 18, 2021
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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.

This 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.

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

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TAGGED:Economic RecessionEconomyGDPNigeriaRecession
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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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