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Nigeria out of recession

Christian Fernsby |
Nigeria is no longer in recession, official figures revealed Thursday, as the economy of Africa’s most populous country grew at the end of 2020.

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Topics: NIGERIA   

Hit by the coronavirus pandemic and falling oil prices last year, Nigeria slipped into recession in the third quarter of 2020 for the second time in four years.

Nigeria’s Finance Minister Zainab Ahmed predicted at the time that the country would exit the recession by the first quarter of 2021 — but new statistics show that a timid recovery came earlier.

“Nigeria Gross Domestic Product (GDP) grew by 0.11 per cent in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters,” the country’s National Bureau of Statistics said in a statement Thursday.

“Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements” imposed to help contain the coronavirus pandemic, the statement added.

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