Breaking: Nigeria Exits Recession as Economy Grows 0.11% in Q4

Nigeria’s economy has technically exited the recession as the economy grew by 0.11 per cent in the fourth quarter of the year. However, cumulatively in 2020, the economy contracted by 1.92 per cent.
Nigeria’s Central Bank Bans Sales of Forex to BDCs(News Central TV)

Nigeria’s economy exits recession in the fourth quarter of 2020. This is its first growth in three quarters smattering from coronavirus-induced lockdown across the country.

The National Bureau of Statistics in a report Thursday noted Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in the three months between October and December from a year earlier.

Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities.

Nigeria’s economy slipped into recession in the third quarter with a decline of 3.6 per cent. The economy had earlier contracted 6.1 per cent in the second quarter, leading to a second recession in five years.

Your Friends Also Read:  Zondo Commission Hands Over Part 2 of the State Capture Report

The economy contracted 1.92 per cent in 2020  – a decline of 4.20% points when compared to the 2.27% recorded in 2019. A better showing than the International Monetary Fund projection

Details Soon…


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
2
Shares

Leave a Reply

Previous Article

Malawi Suffers Decline in Cotton Production

Next Article

Ex-Nigeria Customs Chief, Abdullahi Dikko Inde Passes On

Related Posts
Powered by Live Score & Live Score App