Nigeria’s economy exits recession
In the fourth quarter of 2020, the Nigerian economy exited recession, recording its first growth in three quarters as the coronavirus-linked lockdown was lifted across the nation, the National Statistics Bureau said in a report Thursday.
The report reported that in the three months between October and December, Gross Domestic Product (GDP) increased 0.11 percent from a year earlier.
With a fall of 3.6 percent, the economy slipped into recession in the third quarter. In the second quarter, the economy had earlier contracted 6.1 per cent, leading to a second recession in five years.
The economy contracted 1,92 percent for the full year 2020, stronger than the International Monetary Fund forecast.