NIGERIA OUT OF RECESSION, RECORDS 0.11 GDP GROWTH - BY MARY ABAZUO
BUSINESS - Posted on: 21st Feb. 2021 at 11:44PM
The National Burea of Statistics (NBS) on Thursday disclosed that Nigeria's Gross Domestic Product for the fourth quarter of 2020 recorded a minute growth of 0.11 per cent.
Nigeria's GDP of Q3 2020 contracted 6.11 per cent leading the country into recession was highly a resultant factor of Covid-19.
Minister of State for Budget and National Planning, Clement Agba noted that economic progress was achieved in the southeastern state of Imo as a result of the Nigerian government's economic sustainability plan.
NBS' report read, "Nigeria's Gross Domestic Product grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth on 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"
After analysis of the GDP of Nigeria, the report concluded with "Overall, in 2020, the annual growth of real GDP was estimated at 1.92 per cent, a decline of 4.2 per cent points when compared to the 2.27 per cent recorded in 2019".
The National Burea of Statistics (NBS) on Thursday disclosed that Nigeria's Gross Domestic Product for the fourth quarter of 2020 recorded a minute growth of 0.11 per cent.Nigeria's GDP of Q3 2020 contracted 6.11 per cent leading the country into recession was highly a resultant factor of Covid-19.
Minister of State for Budget and National Planning, Clement Agba noted that economic progress was achieved in the southeastern state of Imo as a result of the Nigerian government's economic sustainability plan.
NBS' report read, "Nigeria's Gross Domestic Product grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth on 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"
After analysis of the GDP of Nigeria, the report concluded with "Overall, in 2020, the annual growth of real GDP was estimated at 1.92 per cent, a decline of 4.2 per cent points when compared to the 2.27 per cent recorded in 2019".
Posted by: Emdee David
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