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

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.