Figures obtained from the National Bureau of Statistics on Thursday indicates that Nigeria is out of recession. In the report, Nigeria’s Gross Domestic Product recorded an increase of 0.11 per cent in the fourth quarter of 2020.
The NBS said that the Gross Domestic Product for the fourth quarter in the full year 2020 increased by 1.92 per cent, adding that the GDP which grew by 0.11 per cent in real term in Q4 is the first positive quarterly growth in the last three quarters.
While analysing the growth rate in the GDP, the NBS noted that Q4 2020 was lower than the growth recorded in 2019 by 2.44 per cent points, and was higher by 3.74 per cent points compared to Q3 2020.
The NBS stated further that on a quarter on quarter basis, real GDP growth was 9.68 per cent indicating a second positive consecutive quarter on quarter real growth rate in 2020 after two negative quarters.
The slight growth rate indicates that although the economy is still weak, positive growth reflects the gradual return of economic activities which is as a result of the light restrictions on movement and commercial activities.