Tuesday, March 2, 2021

Breaking!!! Nigeria Records 0.11% Growth To Step Out Of Recession

Nigeria’s economy grew by 0.11 percent in the fourth of 2020.

This 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),” the NBS reported on Thursday.

“Cumulative GDP for the whole of 2020 stood at -1.92 percent (2.27 percent in 2019).”

It would be recalled that, Nigeria, Africa’s biggest economy, entered recession for the second time in four years, after a contraction in its gross domestic product for a second consecutive quarter. … The contribution of oil to GDP contracted in the third quarter by 13.89% against a decline of 6.63% in the second quarter of 2020
More details as further developments unfold
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