BEVERLY HILLS, February 18, (THEWILL) – The National Bureau of Statistics (NBS) has confirmed that the Nigerian economy has exited recession after two consecutive quarters of negative growth.
In its 4th Quarter and 2020 Full Year Gross Domestic Product (GDP) Report published Thursday, the NBS revealed that the economy recorded its first growth in three quarters following the lifting of Covid-19 related lockdown across the country.
The report further revealed that GDP grew 0.11 per cent in the three months between October and December 2020 from a year earlier.
It could be recalled that the economy slipped into recession in the third quarter of 2020 with a decline of 3.6 per cent having earlier contracted 6.1 per cent in the second quarter, leading to the second recession in five years.
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The statistics Bureau further stated that the economy contracted 1.92 per cent, for the full year 2020, noting that this was an improvement compared with International Monetary Fund (IMF) projections.
Analysts had predicted that Nigeria would exit recession in the first quarter of 2021.
More details soon ….
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.