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.

Educator, writer and legal researcher at Alafarika for Studies and Consultancy.

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