The National Bureau of Statistics (NBS), says Nigeria’s GDP grew by 0.11 per cent in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signaling a gradual recovery from recession.
The NBS said this in the Nigerian Gross Domestic Product (GDP) Report (Q4 and Full Year 2020) released on its website on Thursday in Abuja.
The bureau said this represented the first positive quarterly growth in the last three quarters.
“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.
“As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44 per cent, it was higher by 3.74 per cent compared to Q3 2020.
“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 report noted.
The NBS said overall, in 2020, the annual growth of real GDP was estimated at –1.92 per cent, a decline of –4.20 per cent when compared to the 2.27 per cent recorded in 2019.