[News] Nigeria’s economy exits recession

Nigeria’s economy has exited its recession state after the economy grew by 0.11 percent in the fourth quarter of 2020.

 

The National Bureau of Statistics made the disclosure in a report released on Thursday, February 18.

 

The development comes after two consecutive quarters of negative growth which resulted in a recession.

”Q4 2020 Real GDP grew (after previous two consecutive contractions) by 0.11 percent (-6.10 percent in Q2 2020; -3.62 percent in Q3 2020; & 2.55 percent in Q4 2019) Cumulative GDP for the whole of 2020 stood at -1.92 percent (2.27 percent in 2019).” the NBS report states