Nigeria’s Gross Domestic Product (GDP) grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020 (Q4 2020), representing the first positive quarterly growth in the last three quarters, according to the National Bureau of Statistics (NBS).
The performance appeared to have signalled an exit from the second recession. It would be recalled last year at the annual bankers night of Charerted Institute of Bankers of Nigeria (CIBN), the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele assured Nigerians that we will come out of recession by first quarter of 2021.
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 NBS stated.
As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44 percentage points, it was higher by 3.74 percentage points compared to Q3 2020.
According to the fourth quarter 2020 GDP estimates released Thursday February 18, 2021, 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.