Economy Begins Recovery As Nigeria’s GDP Grew By 0.11% In Q4

The Nigerian economy grew 0.11 per cent in the fourth quarter of 2020, from the 6.11 percent contraction in the third quarter, representing a slow recovery from recession.

The National Bureau of Statistics disclosed this in its full year Gross Domestic Product report for 2020, released on Thursday.

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Though weak, the NBS stated that 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.

The Report stated, “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.”

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On a quarter on quarter basis, the NBS report stated that 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 –4.20 per cent points when compared to the 2.27 per cent recorded in 2019.

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