Nigeria is out of recession after it’s Nigeria’s Gross Domestic Product (GDP) grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020 (Q4 2020).
According to the National Bureau of Statistics, NBS, the statistics is representing the first positive quarterly growth in the last three quarters.
The economic performance as released by NBS appeared to have signalled an exit from the second recession.
According to the fourth quarter 2020 GDP estimats released Thursday, on a quarter on quarter basis, 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.
Nigeria was hit by the worst recession since 1987 according to gross domestic product numbers released by the National Bureau of Statistics on Saturday, 21 November 2020.
The country had recorded a contraction of 3.62 percent in the third quarter of 2020, making it the second consecutive quarterly GDP decline since the recession of 2016.