Nigeria GDP Inches Up in 4th Quarter as Contraction Eases

By Sahabi Abdul

Nigeria,s economy grew 0.11 percent in the fourth quarter of 2020 compared with the same period a year earlier, indicating the country’s emergence from its worst economic contraction in decades.

It was the first growth recorded in three quarters,  according to a statement released on Thursday by the National Bureau of Statistics.

“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 in the preceding quarters,” the ststistics agency said.

Nigeria’s economy was devastated by the combined effect of the lockdown occasioned by the coronavirus pandemic and the loss of revenue due to the consequent plunge in demand for oil, the country’s dominant export.

“Overall, in 2020, the annual growth of real GDP was estimated at –1.92%, a decline of –4.20% points when compared to the 2.27% recorded in 2019,” the statistics bureau said.