According to official figures released Thursday by the National Bureau of Statistics, Nigeria is no longer in recession, as a result of economic growth the country recorded at the end of 2020.
Nigeria slipped into recession in the third quarter of 2020 for the second time in four years, as a result of falling oil prices last year and the coronavirus pandemic lockdown measures.
Finance Minister Zainab Ahmed predicted at the time that the country would exit the recession by the first quarter of 2021 — but new statistics show that a timid recovery came earlier.
The National Bureau of Statistics in a statement Thursday said the country’s Gross Domestic Product (GDP) grew by 0.11 per cent in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
The statement added that though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements” imposed to help contain the coronavirus pandemic.
Since Nigeria emerged from its previous recession in 2017, the nation’s growth has been sluggish.
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