Nigeria’s Economy Exits Recession

The Nigerian economy has reportedly exited its recession state.

In a disclosure made by The National Bureau of Statistics in a report released on Thursday, February 18, the economy grew by 0.11 percent in the fourth quarter of 2020.

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