NBS Says Nigeria’s Economy Is Out of Recession
News February 18, 2021 marineandeconomy
The Nigerian economy has exited recession after two consecutive quarters of negative growth, according to the National Bureau of Statistics (NBS).
The NBS, which revealed this In its 4th Quarter and 2020 Full Year Gross Domestic Product (GDP) Report, published on Thursday, said that the economy recorded its first growth in three quarters, following the lifting of Covid-19 related lockdown across the country.
The report further revealed that GDP grew 0.11 per cent in the three months between October and December 2020 from a year earlier.
The Bureau stated that the economy contracted 1.92 per cent, for the full year 2020, noting that this was an improvement compared with International Monetary Fund (IMF) projections.
It will be recalled that the economy slipped into recession in the third quarter of 2020 with a decline of 3.6 per cent having earlier contracted 6.1 per cent in the second quarter, leading to the second recession in five years.
