Nigeria out of recession as Q4 2020 GDP grew by 0.11%
Nigeria has exited recession after the gross domestic product (GDP) grew by a marginal 0.11 per cent in Q4.
The figures are contained in the GDP growth report released by the National Bureau of Statistics (NBS) today.
With several headwinds, however, the growth remains fragile. Overall, the country’s economy recorded -1.92 per cent.
The country slumped into recession, the second in five years, in the third quarter of last year with 3.62 per cent negative growth.
With only two-quarters of negative growth, the last recession was the shortest experienced by the country’s modern economy. The 2016/2017 recession lasted for five quarters.
Economists had expressed worry that the expected growth would face enormous macro stability challenges.
Inflation is at a three-year high, exceeding 16 per cent in January. Experts, including Dr. Salami Doyin, the head of the Presidential Economic Advisory Council, (PEAC), said the inflation and related challenges weighed heavily on the household sector.